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19-Mar2019

Crude oil futures settle higher as OPEC looks to stick to output cuts through June

Crude oil futures ended higher on Monday as Organization of the Petroleum Exporting Countries (OPEC) and its allies looked set to continue their crude production cuts until June. The Joint Ministerial Monitoring Committee (JMMC), a production policy monitoring group that includes Saudi Arabia and Russia, said that overall conformity with the production cut agreement among OPEC and some nonmember allies that began at the start of the year rose to almost 90% in February, up from 83% in January.  The JMMC also recommended that OPEC forgo its full ministerial meeting in April and instead hold its next meeting on June 25 to make a decision on the production target for the second half of the year. The current production pact expires at the end of June. The JMMC has also scheduled its next meeting for May.

Benchmark crude oil futures for April rose 57 cents or 1 percent to settle at $59.09 a barrel on the New York Mercantile Exchange. May Brent crude gained 38 cents or 0.6 percent to settle at $67.54 a barrel on London's Intercontinental Exchange.


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