Russia's Novak: Ministers support extending oil output cut by 9 months

Russia's Energy Minister Alexander Novak crossed the wires in the last minutes saying that all ministers were supporting an extension of 9 months to the OPEC+ global output cut deal, confirming Reuters' earlier reports. "Overproduction of oil stands at 750,000 barrels as of May," Novak further added, as reported by Reuters.

As of writing, the barrel of West Texas Intermediate was adding a little more than 3% on the day, trading near the $60 handle for the first time since May 23.