WTI jumps to fresh multi-year highs above $75 on OPEC headlines

• Oil prices surge higher on latest OPEC headlines.
• OPEC+ reportedly looks to ease output cuts by around 2 million barrels per day until end of year.
• Producers are expected to debate extension to output curbs until end of 2022. 

Crude oil prices are surging higher on Thursday as investors react to the most recent OPEC+ headlines as the highly-anticipated meeting goes underway. As of writing, the barrel of West Texas Intermediate (WTI) was trading at its highest level since October 2018 at $75.60, rising nearly 3% on a daily basis.

Earlier in the day, Reuters reported that OPEC+ was looking to ease output cuts by around 400,000 barrels per day from August to December, bringing the total reduction to 2 million barrels per day by the end of the year. Russia and Saudi Arabia have reportedly reached a preliminary deal on the output strategy as well.

Moreover, OPEC+ sources told Reuters that producers will be debating an extension to oil output curbs until the end of 2022.

Technical levels to watch for