Oil dives below $50 on report Russia is against a production cut

West Texas Intermediate crude oil is back below the $50 per barrel level following an Interfax report stating the Russian envoy is against production cuts.

The report comes just two days after Russia and Saudi Arabia agreed that asomething must be done to stabilise the oil market. On Sunday, following his with meeting with members of the Saudi delegation, as well as other major regional oil producers at the Gulf Cooperation Council (GCC), Russian Energy Minister Alexander Novak tweeted, that it was “too early” too announce specific numbers, but that there was still time to work with the experts ahead of the November 30 OPEC meeting.

Tuesday’s selling has both WTI and Brent crude oil down about 0.4% at $49.90 and $50.67, repsectively.

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