5/17, 4:02 PM (Source: TeleTrader)
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OPEC+ mulls easing oil cuts - report

Members of the Organization of the Petroleum Exporting Countries (OPEC), excluding Iran, and allied oil producers are meeting on Friday in Jeddah, Saudi Arabia and sources have told Dow Jones they are considering lowering the production cuts.

The meeting will likely touch on the issue of heightened tensions in the Middle East and the possible negative effect they can have on global oil supply. Yesterday, Saudi Arabia accused Iran of orchestrating attacks on the country's oil pipelines earlier in the week, sparking fears of escalating tensions in the region.

The next regular OPEC meeting is scheduled for June 25 in Vienna. Russia and other allied oil producing countries will join on June 26.

West Texas Intermediate was up by 0.65% after the report came out, selling for $63.22 per barrel at 4:02 pm CET. Brent curbed its gains from earlier in the day, heading toward the flatline and trading 0.10% in the green at 4:02 pm CET, selling for $72.53 per barrel.

Breaking the News / NI