The delegates of OPEC and its allies (OPEC+) are likely to adhere to its plan of a modest hike in oil output, Bloomberg reports, citing sources with knowledge of the matter.

This comes as markets expect the Ukraine crisis to have a limited impact on the oil and gas flows.

• Energy flows unlikely to be significantly impacted from Russia-Ukraine crisis – Goldman Sachs

Market reaction

WTI is extending the previous rebound above $85.50, adding 0.52% on the day.