After assessing the impact of the coronavirus outbreak on the oil market, the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC’s Joint Technical Committee (JTC) will reportedly recommend an output cut of 600,000 barrels per day, Bloomberg reported on Thursday, citing an OPEC delegate familiar with the matter.
WTI stays calm
Crude oil’s reaction to this headline was largely muted. As of writing, the barrel of West Texas Intermediate was trading at $51.25, adding 0.22% on a daily basis.
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