Search ForexCrunch

OPEC and its allies, a group known as OPEC+, is expected to extend the current oil output cuts by at least one month, Bloomberg reported on Friday, citing an OPEC delegate.

“Those nations which did not meet quotas will be compensating in the July to September period,” the delegate told Bloomberg. “The aim from OPEC+ is to move the oil price curve into backwardation.”

Market reaction

Crude oil prices continue to push higher after these comments. As of writing, the barrel of West Texas Intermediate (WTI) was up 2.85% on the day at $38.40.