Citing five sources familiar with the matter, Reuters reported on Tuesday that OPEC and its allies including Russia, known collectively as OPEC+, was likely to stick with the existing oil output policy at the December 4 meeting.

Two other sources, however, told Reuters that the group could consider further reducing the oil output.

Market reaction

Crude oil prices came under modest selling pressure following this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $77.75, where it was still up 1.6% on a daily basis.