The Organization of the Petroleum Exporting Countries and its Allies (OPEC+) will continue to receive financial support from the Saudi government, as reported by the Saudi Press Agency (SPA). This is being done to support the stability of the world oil market.

Marker response

After the report, crude oil prices somewhat recovered, but only enough to partially reverse their daily losses. After briefly falling below $80.00 earlier, the price of a WTI barrel is still down by almost 2% and is currently trading at $80.35. A decline in market sentiment has contributed to the continued pessimistic bias in prices.

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