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The Organization of the Petroleum Exporting Countries (OPEC) and Russia are studying deeper oil output cuts as one of the options to address weaker oil markets in early 2021, Reuters reported on Tuesday, citing two sources with knowledge of the matter.

Earlier in the day, the OPEC in a statement said that Russia and OPEC are committed to rebalancing the global oil market and achieve sustainable stability.

Market reaction

Crude oil prices showed no immediate reaction to this headline and the barrel of West Texas Intermediate was last seen consolidating its daily gains near mid-$37s, looking to close the day more than 1% higher.