Saudi Arabia to continue boosting OPEC+ precautionary efforts to support market stability

The Saudi Press Agency (SPA) reported that the Saudi Cabinet announced the Kingdom will continue boosting the Organization of the Petroleum Exporting Countries and its allies' (OPEC+) precautionary efforts to support the stability of the global oil market. 

Marker reaction: 

Crude oil prices rebounded modestly after the report, trimming only a small fraction of its daily losses. The price of WTI barrel is still down by around 2%, trading at $80.35, after briefly dipping below $80.00 earlier. Prices continue to exhibit a bearish bias, influenced by a deterioration in market sentiment.