OPEC+ to discuss extension of oil supply deal beyond April 2022 – Reuters

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, the group known as OPEC+, is expected to discuss a potential extension of the oil supply deal beyond April 2022 on Thursday, Reuters reported, citing two OPEC+ sources.

Earlier in the day, a Reuters survey revealed that OPEC's oil output in June increased by 740,000 barrels per day to 26.24 million barrels per day.

Market reaction

Crude oil prices gained traction on this headline and the barrel of West Texas Intermediate (WTI) was last seen trading at $74.05, up 0.8% on a daily basis.