OPEC+ JMMMC ministers aligned to ease oil production cuts – Reuters

All ministers of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) are all aligned to ease oil production cuts, Reuters reported on Wednesday, citing an OPEC+ source.

OPEC+ is expected to hold a news conference later on Wednesday after the JMMC meeting is concluded.

Market reaction

Crude oil prices came under strong bearish pressure in the last hour and the barrel of West Texas Intermediate (WTI) slumped to a daily low of $40.06. As of writing, WTI was down 0.23% on the day at $40.35.