OPEC+ to ease oil output cuts by around 2 million bpd between Aug. and Dec. – Reuters

Citing two sources with the knowledge of the matter, Reuters reported on Thursday that the OPEC+ is likely to ease oil output cuts by around 2 million barrels per day between August and December.

"Saudi Arabia and Russia have reached a preliminary deal on raising oil output," Reuters further added. "OPEC+ deal is likely to include monthly oil output increases of less than 0.5 million bpd until December 2021."

Market reaction

Crude oil prices shot higher on this headline and the barrel of West Texas Intermediate was last seen trading at its highest level since early October 2018 at $74.82, rising 1.9% on a daily basis.