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Oil Ends Higher After Report That Major Producers Have Further Eased Output Curbs
Tuesday, 28 August 2018 02:25 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil futures ended higher on Monday, sticking to a tight trading range as a committee of OPEC and non-OPEC producers reportedly revealed further progress in easing output curbs, as expected.

In a conference call Monday, the Joint Ministerial Monitoring Committee said that countries participating in the oil production-cut pact that was implemented at the start of 2017 fell to 109% in July, according to report from Reuters, citing two sources familiar with the matter. That™s down from the committee™s reported compliance of 121% in June and 147% in May.

West Texas Intermediate crude for October delivery on the New York Mercantile Exchange added 15 cents, or 0.2%, to settle at $68.87 a barrel, the highest finish for a front-month contract since Aug. 7, FactSet data show. October Brent crude the global benchmark, added 39 cents, or 0.5%, to $76.21 a barrel on ICE Futures Europe. That was the highest for front-month contract since July 10.

Source : Marketwatch

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