Reuters quoted sources from the "OPEC Plus" alliance as saying that the ministerial meeting of the alliance kept the oil production policy unchanged.
The energy ministers of the coalition - which includes the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia - met today via the Internet.
To discuss ways to balance demand expectations from China with fears of a global economic slowdown.
And the member states of “OPEC Plus” agreed to reduce their production by two million barrels per day, starting from last November until the end of this year to support the market, and these quantities represent about 2% of the global demand for crude per day.
The oil markets retreated immediately after talking about keeping the coalition at the current levels of production, but it remained within narrow movements after it had achieved gains at the beginning of today’s session, as Brent crude futures rose slightly to $ 85.70 a barrel by 11:37 GMT, in When futures contracts for US West Texas Intermediate crude increased slightly and amounted to $ 79.29 a barrel.