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OPEC+ is closing in on a deal to roll over the oil output, Reuters reported on Tuesday, citing two sources familiar with discussions.

Under the deal, Russia and Kazakhstan will likely be allowed to increase their output by 70,000 and 10,000 barrels per day, respectively, and Saudi Arabia will lower its production, Reuters further noted.

Market reaction

Crude oil prices post strong gains on Tuesday. As of writing, the barrel of West Texas Intermediate (WTI), which touched its highest level since February at $49.98 earlier in the session, was trading at $49.70, rising 4.92% on the day.