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The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC’s Joint Technical Committee (JTC) will be having a meeting on February 4-5 to discuss the potential impact of the coronavirus outbreak on the oil market, Reuters reported on Sunday, citing sources familiar with talks.

During the meeting, the group is likely to consider the option of extending or deepening oil output cut.

WTI prices

The barrel of West Texas Intermediate erased 5% last week and closed the month of January nearly $10 lower at $51.55.