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OIH tracks a market-cap-weighted index of 25 of the largest US-listed, publicly traded oil services companies.

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The crude oil market has rallied a bit during the trading session on Wednesday to reach the 50-Day EMA area and the top of the channel that we have been in.

Crude Oil Price Forecast – Crude Oil Markets Threatening the Top of a Channel

Ministers from OPEC+ on Wednesday said they would cut oil production by 2 million barrels a day in a move expected to raise gas prices.

OPEC+ ministers agree to cut production by 2M barrels per day

The Organization of the Petroleum Exporting Countries and its Russian-led allies agreed Wednesday to cut crude production by 2 million barrels a day, news reports said. Speculation of a cut of up to 2 million barrels a day had built ahead of the meeting, helping to lift crude futures sharply on Monday and Tuesday.

OPEC+ agrees to cut oil production by 2 million barrels a day: report

The production cut move will likely push up already-high global energy prices and help oil-exporting Russia pay for its war in Ukraine.

OPEC+ Agrees to Biggest Oil Cut Since Start of Pandemic

A key panel on Wednesday recommended that the Organization of the Petroleum Exporting Countries and its allies cut oil production by 2 million barrels a day, according to news reports. The recommendation by the Joint Ministerial Monitoring Committee comes ahead of a meeting of OPEC+ delegates in Vienna that's slated to begin shortly.

Key panel recommends OPEC+ cut oil production by 2 million barrels a day: reports

OPEC+ key ministers, known as the joint ministerial monitoring committee, has agreed oil production cuts of 2 million barrels per day, three OPEC+ sources said.

OPEC+ JMMC agrees oil output cuts of 2 mln bpd - sources

OPEC and its allies are expected to debate the biggest reduction in output since early 2020.

Oil Prices Slip Ahead of Expected Production Cut

Oil futures flipped between gains and losses in choppy trade early Wednesday, as traders awaited a decision by the Organization of the Petroleum Exporting Countries and their allies that's expected to result in a significant cut in crude production.

Oil prices seesaw as traders await expected OPEC+ cut

Oil Prices Slip Even as OPEC+ Considers Big Production Cut

OPEC+ may cut production by 1 million - 2 million barrels per day.

WTI Oil Is Stuck Near $86 As Traders Wait For OPEC+ Decision

Oil prices inched up on Wednesday extending 3% gains in the previous session ahead of a meeting of OPEC+ producers to discuss a big output cut in what energy executives and analysts see as a tightly supplied market.

Oil climbs ahead of OPEC+ talks on supply cut

OPEC+ is considering oil cuts as big as 2 million barrels per day, an OPEC source told Reuters on Tuesday, a day ahead of a formal meeting of the oil-producing group.

OPEC+ mulls oil cuts as big as 2 mln bpd - source

Oil prices climbed as much as 4% Tuesday, topping $86 per barrel level. Meanwhile, the national average gas price is currently sitting at $3.80 per gallon, according to AAA.

Oil, gas prices elevated ahead of key OPEC+ meeting

Oil futures rose Tuesday, with U.S. prices marking their highest settlement since mid-September. Reports said the Organization of the Petroleum Exporting Countries and their allies will consider a production cut of 2 million barrels per day at their meeting Wednesday, higher than previous expectations for a 1 million-barrel reduction.

U.S. oil futures settle at a nearly 3-week high on bets for a significant OPEC+ output cut

The crude oil market has rallied during the trading session on Tuesday, as we are starting to hear rumors that OPEC may cut production.

Crude Oil Price Forecast – Crude Oil Markets Rally on Rumors

When the 1M bpd cut is confirmed, which stands for 3.49% of the current production, Brent crude price may soar to levels near $100, also supported by decrease in inventories.

Brent Crude Maintained Positive Climb This Week, and Is Traded Above $90 Ahead of OPEC+ Meeting Tomorrow

OPEC+ looks set to cut output when it meets on Wednesday, curbing supply in an oil market that energy company executives and analysts say is under strain from robust demand, lack of investment and production problems.

OPEC+ supply cuts loom over tight oil market

OPEC+ is expected to deliver a big cut in oil production when delegates meet in person in Vienna on Wednesday, but the reduction may sound more impressive than it really is, economists and analysts are warning.

Why an OPEC+ oil production cut could be less than meets the eye

Oil futures rose Tuesday, extending gains a day ahead of a meeting of the Organization of the Petroleum Exporting Countries and their allies that's expected to consider a large production cut.

Oil ticks higher ahead of OPEC+ meeting that could bring production cuts

Economic headwinds have yet to signifantly erode the world's demand for oil, top oil traders said at the Argus European Crude Conference in Geneva on Tuesday.

Top oil traders see buoyant demand despite economic headwinds

The Wall Street Journal has reported that the OPEC+ group was considering a production cut of more than 1 million barrels a day.

Oil Prices Edge Higher as OPEC+ Expected to Cut Production

WTI oil is moving higher amid a broad rally in commodity markets.

WTI Oil Tries To Settle Above $84 As Dollar Declines

Oil prices inched higher in early Asian trade on Tuesday, on expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday but concerns about the global economy capped gains.

Oil prices inch higher ahead of OPEC+ meeting to discuss supply cuts

In the weeks ahead, more oil could come off the market, making for a severely undersupplied market.

How OPEC's Production Cut Could Spark a Bigger Oil Rally

Oil futures climbed sharply on Monday, with U.S. prices up more than 5% as traders bet that the Organization of the Petroleum Exporting Countries and their allies will agree later this week to cut production on concerns over a slowdown in the economy that would hurt demand for oil. News reports said the group of producers, known as OPEC+, may consider a reduction of more than 1 million barrels per day or more.

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