Oil contracts rebounded on Friday after Russia announced it would slash its crude output in response to a Western price cap that was imposed on exports after Moscow’s invasion of Ukraine. Brent, the international benchmark, and its US counterpart WTI, which had been down earlier in the day, jumped more than two percent after Russian deputy prime minister Alexander Novak said production would be cut by 500,000 barrels per day, or five percent of output, in March.
