Citing eight sources familiar with the matter, Reuters reported on Thursday that the Organization of the Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, were planning to leave the oil output unchanged for September.

Sources also acknowledged that a modest output increase could be discussed amid calls from the United States for additional supply.

The group is scheduled to meet next Thursday, August 4.

Market reaction

Crude oil prices continue to fall after this report with the barrel of West Texas Intermediate losing 1.6% on the day at $96.50.