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OPEC+ oil producers at April 1 meeting are likely to make similar a decision to the last gathering in  March when they held the oil output mostly steady, Reuters reported on Wednesday, citing four OPEC+ sources.

“I won’t be surprised to hear the view that it is better to be cautious and not add more supply yet,” an OPEC+ source told Reuters.  “Under these circumstances, any OPEC+ decision to increase production could jeopardise their previous gains in managing the oil market and restoring stability.”

Market reaction

Crude oil prices extended the daily rally after this headline and the barrel of West Texas Intermediate was last seen trading at $60.75, gaining 5.85% on a daily basis.