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Russian Deputy PM Novak says oil demand and supply are in balance. OPEC+ sees oil demand increasing in the Spring and Summer

The statement from Russian Deputy PM Novak indicates a balanced state between oil demand and supply, which suggests stability in the market for the time being.

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Russian Deputy PM Novak says oil demand and supply are in balance. OPEC+ sees oil demand increasing in the Spring and Summer

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Context

OPEC+'s expectation of increasing demand in the Spring and Summer could imply upward pressure on prices if realized, particularly as seasonal consumption typically rises. Traders should monitor how this aligns with broader economic indicators and geopolitical developments, as it may affect oil prices and related currencies.

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