Oil drops on reports that Russia made smaller-than-expected output cuts in August

Oil futures moved sharply lower on Friday after reports that Russian Energy Minister Alexander Novak said Russia’s oil output cuts in August will be slightly smaller those agreed to under the deal between OPEC and non-OPEC producers. Novak said the countries under the deal will discuss the agreement and the market situation at the Monitoring Committee meeting on September 12, FXStreet reported, citing RIA and Interfax news agencies. October West Texas Intermediate oil

CLV19, -3.03%

fell $1.68, or 3%, to trade at $55.03 a barrel on the New York Mercantile Exchange, down from an earlier high of $56.72.

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