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First Move with Julia Chatterley
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Russia's Production Cut Will Help to Restore the Normal Functioning of the Oil Market
Brent crude up 1.4 percent, WTI up about 1.3%. This is after Russia said that it would cut production by 500,000 barrels a day in March. Russian Deputy Prime Minister blamed the Western price cap on Russian crude oil for essentially artificially interfering with the normal functioning of the market. Even if this production cut does succeed in pushing the price up, which is obviously the goal here, it still has the price cap to contend with.
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