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The Organization of the Petroleum Exporting Countries (OPEC) and its allies are considering extending oil production cuts until the end of the year, Russian news agency TASS reported on Friday, citing sources familiar with the matter.

“OPEC is unlikely to ease cuts in March as the market is still quite bearish,” TASS reported.”OPEC will meet in March, then in June.”

Market reaction

Crude oil prices pulled away from daily lows on this headline and the barrel of West Texas Intermediate (WTI) was lat seen trading at $55.50, erasing 0.3% on a daily basis.