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According to the latest news flashing on the wires, quoting sources familiar to the development, OPEC and non-OPEC members are said to have discussed increasing oil output by 1 million bpd but the final decision is expected to be taken in June.

Additional headlines:

   “¢   Talks between Saudi, Russia, UAE energy ministers this week will discuss how to bring record high compliance with supply curbs down to 100%.
   “¢   Compliance with supply cuts in April for OPEC, non-OPEC was 152%.

The market reacted negatively to the headlines, with WTI crude oil prices extending the corrective slide and falling to over 2-week lows,  below mid-$70.00/barrel.