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OPEC+ producers agreed to keep the oil output flat in April, Reuters reported on Thursday, citing two sources familiar with the matter.

“Russia and  Kazakhstan will be allowed a modest oil output increase in April,” sources further revealed and added that OPEC+ will again in April to decide output levels for May and beyond.

Market reaction

Crude oil prices continue to cling to strong daily gains after this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $64, rising nearly 5% on a daily basis.