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The OPEC and non-OPEC producers, the group know as OPEC+, are discussing a rollover of current oil output cuts into January followed by a gradual increase of about 500,000 barrels per day from February, Reuters reported on Thursday.

Meanwhile, sources familiar with the matter told Reuters that the OPEC+ meeting got delayed by one hour and will start at 1400 GMT.

Market reaction

Crude oil prices rose modestly after this headline. As of writing, the barrel of West Texas Intermediate was trading at $45.35, gaining nearly 1% on a daily basis.