Rising oil prices make further easing of OPEC+ oil output cuts more likely after April, Reuters reported on Monday, citing OPEC+ sources familiar with the matter.
“The oil market may be ready for a 500,000 barrels per day boost by April depending on demand and whether Saudi Arabia brings back voluntary cuts all at once,” sources further noted.
Market reaction
The barrel of West Texas Intermediate (WTI) retreated modestly from session highs following this headline and was last seen losing 0.4% on a daily basis at $59.80.
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