The Saudi Press Agency (SPA) reported that the Saudi Cabinet announced the Kingdom will continue boosting the Organization of the Petroleum Exporting Countries and its allies' (OPEC+) precautionary efforts to support the stability of the global oil market. 

Marker reaction: 

Crude oil prices rebounded modestly after the report, trimming only a small fraction of its daily losses. The price of WTI barrel is still down by around 2%, trading at $80.35, after briefly dipping below $80.00 earlier. Prices continue to exhibit a bearish bias, influenced by a deterioration in market sentiment.