The move will pretty much keep the ongoing narrative in the oil market and not shake things up whatsoever. Oil prices are keeping steadier, with Brent holding just above $89 and WTI just above $88 on the day.

There is a sense that oil bulls are hunting for that next extension leg higher but aren't able to find that added impetus for the time being. That's a bit of a dangerous notion after having gained for six straight weeks in a row.

Unless OPEC+ threatens to overdeliver in terms of supply, I don't see the decision here as being significant but it could just play into more tentative signs of exhaustion unless the technicals start to change.