Citing an internal report prepared for the upcoming Joint Technical Committee meeting, Reuters reported on Monday that OPEC+ trimmed its oil market surplus forecast for 2022 to 1 million barrels per day (bpd) from 1.4 million bpd previously. 

Market reaction

Crude oil prices gained traction after this report. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $109.47, where it was up 1.75% on a daily basis. Similarly, the barrel of Brent was up 2% at $114.65.