OPEC considers keeping oil cuts until year-end

OPEC considers keeping oil cuts until year-end

OPEC is discussing extending its oil cuts until the end of the year as the market still looks bearish. Yet, the discussions are still at an early stage. Russia’s TASS news agency cited an OPEC source as saying on Friday.

The group of oil exporters is due to meet in March, but could also meet in June to decide on policy, the source was quoted as saying.

Market reaction

Crude oil prices pulled away from daily lows on this headline and the barrel of West Texas Intermediate (WTI) was last seen trading at $55.50, erasing 0.3% on a daily basis.