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Oil prices edge up as investors watch a meeting of OPEC’s monitoring committee

June 18, 2020

Crude-oil prices headed modestly higher on Thursday as the energy market turned its focus to an OPEC-led meeting of the Joint Ministerial Monitoring Committee, or JMMC.

The JMMC, which monitors compliance with OPEC output quotas, is holdings its gathering via video-conference and although the group is not usually a catalyst for crude price moves, it could provide guidance on adherence to the global pact to limit production.

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to extend cuts of 9.7 million barrels per day to July and monitor compliance to those reduction efforts monthly.

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