Oil prices rallied today, buoyed by the prospect of OPEC+ considering reducing output further. Oil prices have been declining for four straight months since June and reports are that OPEC+ is considering cutting output by 1MM/bpd. “After a year of tolerating extremely high prices, missed targets, and severely tight markets, the (OPEC+) alliance seemingly has no hesitation when it comes to acting rapidly to support prices amid a deterioration in the economic outlook,” Oanda market analyst Craig Erlam said. WTI traded up $4.14 or 5.2% to close at $83.63. Brent traded up $3.72 or 4.4% to close at $88.86