7/1, 9:40 AM (Source: TeleTrader)
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WTI tops $60 per barrel ahead of OPEC meeting

Oil futures extended gains on Monday with West Texas Intermediate (WTI) climbing over $60 per barrel for the first time in over a month as investors focused on the meeting of the Organization of Petroleum Exporting Countries (OPEC) later in the day. The cartel is set to discuss the possibility of extending the current output cuts of 1.2 million barrels per day by another six months and is expected to announce the final decision after tomorrow's meeting with major non-OPEC producers led by Russia.

Over the weekend, Russian President Vladimir Putin said his country agreed with Saudi Arabia the production cuts should be extended either until the end of the year or until March 2020. Meanwhile, Iranian Petroleum Minister Bijan Namdar Zanganeh claimed OPEC has taken a hostile stance against his country and insisted the cooperation between OPEC and other producers is "meaningless" if there isn't unity among the oil cartel's members.

Brent for deliveries in September jumped 2.89% to sell for $66.60 per barrel at 3:27 am ET and WTI for settlements in August rose 2.87% to go for $60.16 per barrel at 3:28 am ET.

Breaking the News / NP