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Citing three OPEC sources familiar with the matter, Reuters recently reported that OPEC was unlikely to make a new decision on output  cuts at the April meeting. According to the article, OPEC is likely to decide to extend the oil supply curbs until the end of the year at the June meeting. “OPEC may discuss easing curbs if output drops further in exempt producer,” the sources said.

The barrel of West Texas Intermediate extended its daily rebound on Reuters’ report and was last seen trading at $56.50, where it was up 1.35% on a daily basis.