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MarketWatch MarketPulseJun 04, 2020
U.S. oil prices settle higher after data show high compliance with output cuts, but traders await next move for OPEC
U.S. oil futures climbed Thursday, finding support from data that showed high compliance with pledged output cuts among the Organization of the Petroleum Exporting Countries and its allies. Traders, however, continued to await news on the next move for the group of producers who are expected to make a decision on an extension of the current output reductions. OPEC reduced production by around 8.6 million barrels per day in May, suggesting total compliance of 89% with the output cut deal reached in April, commodity data tracker Kpler tweeted Thursday. July West Texas Intermediate oil rose 12 cents, or 0.3%, to settle at $37.41 a barrel on the New York Mercantile Exchange.

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