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6/19, 10:35 AM (Source: TeleTrader)
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Oil rises as OPEC+ vows to adhere to output cuts

Crude futures traded higher on Friday after OPEC and its allies vowed to meet their production cut commitments.

Following a meeting on Thursday, the Joint Ministerial Monitoring Committee (JMMC) stated that the overall compliance with the output cut deal in May stood at 87%, while countries that didn't fulfill their commitments promised to make up for any monthly shortfalls between July and September.

Brent for deliveries in August climbed 2.70% to sell for $42.65 per barrel at 4:24 am ET and West Texas Intermediate (WTI) grew by 2.60% to go for $39.85 per barrel at 3:55 am ET.

Breaking the News / NP