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Organization of the Petroleum Exporting Countries(OPEC) and Russia are not yet discussing a possible extension to the record oil output cuts into August, Reuters reported on Tuesday, citing four OPEC sources familiar with talks.

Sources further noted that Russia and OPEC were likely to ease output reductions.

Market reaction

Crude oil prices came under selling pressure on this headline. As of writing, the barrel of West Texas Intermediate (WTI) was down 1.06% on a daily basis at $39.20 and the barrel of Brent was losing 1.05% at $41.25.