The high price today reached $76.22. The low price extended to $73.39.
The scuttlebutt from the OPEC meeting is that members would start to cut production by 400,000 BPD per month from August to December (total cut of 2M BPD). There has been some pushback for that plan. As a result, the meeting conclusion has been extended to tomorrow.
The run to the upside today stalled about $0.66 ahead of the October 2018 high price at $76.88. Move above that level would have crude oil trading at the highest level since November 2014.
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