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OPEC ministers have agreed to reduce the oil production by 1.5 million barrels per day, Reuters reported in the last minutes citing a source familiar with talks.

Although there is no official confirmation yet, the initial market reaction lifted crude oil prices higher. As of writing, the barrel of West Texas Intermediate (WTI), which spiked up to $47.42, was trading at $47.10, still down 0.13% on the day.