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The OPEC and non-OPEC producers (OPEC+) have agreed in principle for an output cut of 10 million barrels per day (bpd) for May and June, Reuters reported on Thursday, citing three OPEC+ sources with knowledge of the matter.

Sources further added that other nations will cut 5 million barrels per day in that period.

Market reaction

Crude oil prices edged lower on this headline and the barrel of West Texas Intermediate was last seen trading at $25.45, erasing 2.55% on a daily basis.