OPEC+ sees no need to release more oil into market – Reuters

The OPEC+ group does not see the need to release more oil into the market at the moment beyond what is already planned despite the US calls, Reuters reported on Monday, citing four OPEC+ sources familiar with the matter.

Market reaction

Crude oil prices seem to have started to edge higher following this headline. As of writing, the barrel of West Texas Intermediate (WTI), which dropped to a weekly low of $65.72 earlier in the day, was last seen trading at $67.25, where it was down 1% on the day.

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