According to Reuters sources, the OPEC+ cartel is set to gradually phase out production cuts starting after the first quarter of next year, continuing through 2026. WTI crude reacted with a sharp decline to this announcement. It is worth noting that this decision had been anticipated by the market, which could explain the bearish reaction as a case of "selling the news already priced in by the market in the past." Both Brent Crude and WTI oil reacted with slightly declines after the reports.
Source: xStation5
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