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The OPEC+ panel has recommended cutting the oil output by 600,000 barrels per day in the second quarter and extending the existing cuts to the end of the year, Reuters reported on Tuesday, citing two sources familiar with the matter.

Crude oil reaction

Crude oil prices came under renewed bearish pressure on this headline and the barrel of West Texas Intermediate erased its early gains. As of writing, the WTI was trading at $47.15, erasing 0.7% on a daily basis. Furthermore, the barrel of Brent was down 1.1% on the day at $52.20.