Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and allies including Russia, known collectively as OPEC+, has recommended cutting oil output targets by 100,000 barrels per day in October, Reuters reported on Monday, citing sources.

Market reaction

Crude oil prices edged higher on this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $89.90, where it was up 3.3% on a daily basis. Similarly, the barrel of Brent was rising 3.4% on the day at $96.50.