Crude-oil futures were volatile in electronic trade Sunday night after OPEC and allied nations agreed Saturday to extend a production cut of nearly 10...
Crude-oil futures were bouncing around Sunday night, but tilting higher at last check, after OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July.
Both grades of oil finished Friday trade at their highest levels since March 6 and booked a sixth consecutive weekly gain in anticipation of the pact from the major oil-producing giants. “Although the whole OPEC/OPEC+ meeting build-up is always a messy process and more public than it probably needs to be, at the end of the day, the market is pleased more crude oil is off the market than the scheduled 7.7Mbd from July 1,” wrote Stephen Innes, global chief market strategist at AxiCorp, in a daily research note.
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