OPEC+ JMMC Meeting is Scheduled Today, WTI Waiting for Data

Today, Joint Ministerial Monitoring Committee (JMMC) meeting will likely be all about reviewing the bloc’s commitment to oil production curbs and assessing the compliance over the past two months.

According to Reuters, July’s compliance of OPEC+ with oil output cuts was expected to reach 97%, down from 107% in June.

Meanwhile, oil traders are waiting for US oil inventories reports scheduled today. The weekly petroleum status report by the US energy information administration is expected to show a 2.6 million decline in crude inventories.

In the meantime, the barrel of West Texas Intermediate is trading around at $42.45 for the day.