Oil caught a bid shortly before noon today, following media reports that OPEC+ may have agreed on output levels. It was reported that there is a preliminary deal for an additional 1 million barrel of output cuts and that almost all member states appear to be aligned that a deeper cut is necessary. This was reported by media citing OPEC+ delegates as sources. The official OPEC+ meeting is scheduled to take place later today. Oil jumped around 1% following those news, with Brent (OIL) now trading 2% higher on the day.
OIL jumps above $84 mark after media reports hint that OPEC+ reach agreement on output levels. Source: xStation5
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