Oil rises as OPEC holds off cuts decision

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Oil prices were slightly up early yesterday as the market was assessing the news that a panel of the OPEC allies is recommending that partners cancel a scheduled extraordinary meeting in mid-April, leaving the decision for the cuts extension for a meeting at the end of June instead.

WTI Crude rose 0.07 per cent at $58.56, while Brent Crude was traded up 0.24 at $67.32, with both benchmarks recovering from losses earlier in the day.

“In consideration that market fundamentals are unlikely to materially change in the next two months, the JMMC adopted a recommendation to forego the full Ministerial Meeting in April and instead schedule a JMMC meeting in May ahead of the OPEC Conference meeting on 25 June, during which a decision will be taken on the production target for the second half of 2019,” the Joint Ministerial Monitoring Committee (JMMC) said at the end of a meeting in Baku, Azerbaijan


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