Citing a source familiar with the matter, Reuters reported on Wednesday that the Organization of the Petroleum Exporting Countries (OPEC) and allies, collectively known as OPEC+, have agreed to raise the oil output by 100,000 barres per day in September.

Market reaction

Crude oil prices gained traction on this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $96.30, where it was up 2.6% on a daily basis. Meanwhile, the barrel of Brent was up 2% at $101.90.