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  • Oil Extends Rally After OPEC+ Confirms Current Production Cuts

    From bnnbloomberg.ca

    Oil rose toward a five-month high after OPEC+ confirmed it would maintain its existing supply cuts through the end of June. Brent crude edged closer toward $90 a barrel after climbing more than 2% over the previous two sessions, while West Texas Intermediate was near $86. The Organization of the Petroleum Exporting Countries and its allies recommended no policy changes at a meeting on Wednesday, which will help keep global markets tight over the next few months. Compliance with OPEC+ quota levels is still an issue, however. Iraq pumped more oil that its agreed-upon target in March, although it has pledged to rein in ... (full story)

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