The Organization of the Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, are highly likely to consider a modest increase in oil production at Wednesday's meeting, Reuters reported on Thursday, citing two sources.

Earlier in the day, the Financial Times reported that Saudi Arabia was warming to the idea of raising the oil output.

Market reaction

Crude oil prices showed no immediate reaction to this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $93.70, where it was virtually unchanged on a daily basis.