This archive report was first published on 19 June 2020.
On June 18, 2020, the Joint Ministerial Monitoring Committee announced that OPEC and its member countries had committed to meeting their production cut commitments. The overall compliance with the output cut deal in May stood at 87%, with countries that didn't fulfill their commitments expected to make up for any shortfalls between July and September.
As a result, oil futures traded higher, with Brent for deliveries in August rising 2.70% to $42.63 and the West Texas Intermediate rising 2.59% to $39.84 per barrel at 04:00 a.m Eastern Time.
Meanwhile, global markets remained mixed amidst the COVID-19 pandemic. China announced that it expected to have a COVID-19 vaccine by the end of 2020, while Germany said its first trial results would come in two months. Major indices on Wall Street closed mixed on Thursday's session, with the Dow Jones declining 0.15%, the S&P 500 rising 0.06%, and the Nasdaq 100 rising 0.30%.
Additionally, Tesla confirmed its plans to build a new plant in Texas, Travis County, which is expected to cost around $1 billion and employ 5,000 people.
