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If the spread of the coronavirus continues to weigh on crude oil prices and the oil demand in China, OPEC is likely to extend the current oil output cut agreement at least until June, Reuters reported on Tuesday, citing three OPEC sources familiar with talks.

Sources further added that an extension until the end of the year and deeper oil output cuts were other options that could be considered to battle falling prices.

WTI rebounds modestly

These comments helped crude oil prices recover slightly on Tuesday. As of writing, the barrel of West Texas Intermediate was trading near the $53 mark, adding 0.3% on a daily basis.