OPEC JTC Meeting: Most countries support 3-month extension of current cuts

Most of the countries at the OPEC (Organization of the Petroleum Exporting Countries) Joint Technical Committee (JTC) meeting have supported a three-month extension of current oil output cuts, Reuters reported on Monday, citing sources familiar with the matter.

Market reaction

Crude oil prices remain on track to settle with impressive gains following this headline. As of writing, the barrel of West Texas Intermediate was up 3.35% on a daily basis at $41.45. Meanwhile, the barrel of Brent was gaining 3.4% at $44.12.