Oil Futures Score Gains Following OPEC+ Summit

Oil futures registered gains on Tuesday, with markets positively reacting to the Organization of the Petroleum Exporting Countries’ (OPEC) and its OPEC+ allies deciding to commit to the current easing cycle of output cuts that was agreed in response to the Coronavirus crisis.

Brent crude futures for August delivery gained 93 cents, or 1.3%, to finish at $70.25 per barrel, its highest closing level in about two years.

Meanwhile, the West Texas Intermediate (WTI) crude futures for July delivery added $1.40, or 2.1%, to close at $67.72 per barrel, its best since October 2018.

Earlier today, the OPEC+ ministerial decided that raising production levels would be determined according to market conditions, vowing to closely monitor market fundamentals.