Norway's oil minister: Oil market stabilised more than we could have anticipated few months ago

Norway has no plans to make deeper oil output cuts, Norway's oil minister said on Thursday, as reported by Reuters.

"It would, of course, be possible to end output cuts at an earlier time, but the plan is to maintain cuts until the end of 2020," the minister added. "The oil market has stabilised more than we could have anticipated a few months ago."

Market reaction

Crude oil prices largely ignored these comments. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $38.30, rising 1.6% on a daily basis.