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Oil producers in the US are expected to cut the oil output by about 2 million barrels per day, Reuters reported on Tuesday, citing a report published by the US Energy Department.

Meanwhile, US Energy Secretary Dan Brouillette confirmed that he will be participating in the virtual G20 meeting on Friday to talk about stabilizing global oil markets.

Market reaction

The barrel of West Texas Intermediate (WTI) continued to push lower on these headlines and was last seen trading near $26, erasing around 1% on a daily basis.