Oil falls further on the headline here
This is coming via Reuters, citing a Russian high-level source on the matter in saying that Russia is only agreeing to extend the existing oil output cuts and that they won't agree to the additional 1.5 mil bpd proposal - and their position will not change.
Let's see how true this will be at the end of the day. Historically, Russia always plays hard ball before caving in and agreeing to more cuts. If they really do break away from the pact, this will be really bad news for oil and OPEC's grip on the market.
Oil is down by over 4% now to below $44 with the low touching $43.28.