Russia is said to agree to OPEC and its allies (OPEC+) compensating for its drop in oil output because of sanctions, Reuters reports, citing an OPEC+ source.

“Any compensation could be approved gradually and there is no guarantee that it will be approved in full later in the day,” the source said.

Market reaction

WTI came under renewed selling pressure on these headlines. The US oil is losing 1.70% on the day to trade at $111.75, as of writing.