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The oil market has responded positively to OPEC+ output cuts and its robust implementation, OPEC Secretary-General Mohammad Barkindo said on Wednesday, as reported by Reuters.

“There is a gradual and steady convergence of oil supply and demand fundamentals,” Barkindo added. 

Market reaction

Crude oil prices pushed higher on these comments. As of writing, the barrel of West Texas Intermediate (WTI) was up 4.15% on a daily basis at $33.15. Meanwhile, the barrel of Brent was trading near $36, gaining more than 4% on the day.