Search ForexCrunch

OPEC and non-OPEC producers are likely to hold the Joint Technical Committee (JTC) and Joint Ministerial Monitoring Committee (JMMC) meetings around mid-June, Reuters reported on Wednesday, citing two OPEC+ sources.

According to sources, the group wants to see the full oil output data before holding these meetings.

Market reaction

Crude oil price fluctuated wildly on Wednesday. After climbing to a fresh multi-month high of $38.15, the barrel of West Texas Intermediate (WTI) slumped below $36 and staged a rebound in the late American session. As of writing, the WTI was trading a little below $37, looking to settle flat on the day.