US Energy Secretary: Not concerned about potential OPEC action to further cut output

The United States is not concerned about OPEC+ potentially deepening its oil output curbs, US Energy Secretary Dan Brouillette told reporters on the sidelines of a UN conference in Vienna.

"They're going to meet and they're going to make a determination and a decision that's best suited for them but I think their ability to impact oil prices in the manner in which they did, you know, three, four, five decades ago is just fundamentally different," Brouillette said, per Reuters.

WTI reaction

The barrel of West Texas Intermediate (WTI) largely ignored these comments and was last seen trading at $50.55, adding 1.85% on a daily basis.