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Saudi Arabia and some other OPEC producers want to extend the current oil output cuts of 9.7 million barrels per day until December, Reuters reported on Thursday, citing OPEC+ Russian industry sources.

According to Reuters, Russia has yet to agree to the move and some sector players believe demand recovery may justify gradual easing of curbs.

Market reaction

Crude oil prices edged higher on this headline and the barrel of West Texas Intermediate was last seen gaining 0.6% on the day at $32.40.