Oil price steadies after steep sell-off on mixed OPEC+ messaging

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• Oil price recovers after the steep sell-off on Thursday due to mixed messaging from OPEC+ members.
• Russia’s Novak says production cuts are unlikely whilst Saudi Oil Minister seems to imply the opposite. 
• US Dollar corrects after strong rally, giving Oil a backdraught.  

Oil price steadies on Friday after the previous day’s tumble, as traders weigh conflicting messages from two of the largest members of OPEC+ and the US Dollar weakens. Russia’s Deputy Prime Minister Alexander Novak said that he did not think further cuts would be announced, when only a few days earlier, the Saudi Oil Minister, Prince Abdulaziz bin Salman, seemed to suggest the opposite. The next OPEC+ meeting is on June 4.