Iraqi oil minister: Working towards rollover of OPEC cuts next week

Iraqi oil minister crossed the wires in the last minutes, via Reuters, saying that they were working towards a rollover of the OPEC oil output cut agreement. 

"OPEC rollover would be at least at the same level as current cut," the minister said. "There are some ideas for a deeper OPEC cut, no immediate plans to increase exports via Turkey's Ceyhan above current 90,000 bpd."

Crude oil extended its corrective slide on these comments and the barrel of West Texas Intermediate was last seen trading at $58.72, losing 0.75% on a daily basis.