Sun, 25 Oct 2020

Oil prices settle mixed after OPEC+ meeting

19 Sep 2020, 06:05 GMT+10

NEW YORK, Sept. 18 (Xinhua) -- Oil prices settled mixed on Friday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies underscored the importance of full compliance with output cuts quotas.

The West Texas Intermediate (WTI) for October delivery rose 14 cents to settle at 41.11 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery lost 15 cents to 43.15 dollars a barrel on the London ICE Futures Exchange.

The OPEC+ Joint Ministerial Monitoring Committee (JMMC) met via videoconference on Thursday, reiterating the critical importance of adhering to full conformity and compensating overproduced volumes as soon as possible.

"In the current environment, the JMMC emphasised the importance of being pro-active and pre-emptive and recommended that participating countries should be willing to take further necessary measures when needed," the committee said in a statement.

For the week, WTI crude futures gained 10.1 percent while Brent increased 8.3 percent.

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