Oil rebounds on production cut rumors

OIL.WTI erased early losses after Eurasia Group informed that OPEC+ will 'seriously consider' an output cut next week, however these are only unconfirmed speculation at the time being.

"Given overall market conditions, OPEC+ will seriously consider a new production cut at its upcoming meeting, particularly if crude prices fall much below their current level in the next week,” analysts at Eurasia Group wrote in report.

“Ultimately, the decision will depend on the trajectory of the oil price when OPEC+ meets and how much disruption is evident in markets because of the EU sanctions”

OIL.WTI managed to climb above $76.20 level. Source: xStation5