Oil Hits 2019 High as OPEC+ Re-Commits to Cuts in the Near Term
- Crude has gained 30 percent in 2019 after dropping in 4Q 2018
- Market ‘fairly balanced’ between supply-demand: Ion’s Cooper
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Oil closed at its highest yet this year as OPEC and its partners committed to continuing production cuts until at least June, when they will meet to discuss an extension.
Futures advanced 1 percent in New York on Monday. The group known as OPEC+ closed a weekend meeting in Baku, Azerbaijan, having reaffirmed an intent to continue output cuts. At the same time, production in Venezuela and Iran is expected to continue declining.