It's turned into quite a day in the oil market.
Crude oil is now positive on the day at $76.91 from a low of $73.60 and it comes after analysts at the Eurasia Group said OPEC+ will 'seriously consider' an output cut next week.
I haven't seen the report myself but Eurasia Group isn't one of the usual OPEC leaks so I'd handle this one carefully.
Update, it's certainly speculation:
“Given overall market conditions, OPEC+ will seriously consider a new production cut at its upcoming meeting, particularly if crude prices fall much below their current level in the next week,” analysts at Eurasia Group say in report.
“Ultimately, the decision will depend on the trajectory of the oil price when OPEC+ meets and how much disruption is evident in markets because of the EU sanctions”