OPEC+ agrees to stick to existing policy of gradual output hikes – Reuters

OPEC and its allies, the group known as OPEC+, is expected to stick to the existing output strategy of gradual hikes, Reuters reported on Wednesday, citing sources familiar with the matter.

Earlier in the day, Joint Ministerial Monitoring Committee (JMMC) has reportedly didn't see the need to adjust the output policy. 

Market reaction

Crude oil prices continue to trade in the negative territory as investors await the outcome of the OPEC+ meeting. As of writing, the barrel of West Texas Intermediate, which touched a daily low of $67.11, was down 0.6% on the day at $68.