This archive report was first published on 19 June 2020.
On June 18, 2020, oil futures traded higher after OPEC and its members committed to meet their production cut commitments.
The Joint Ministerial Monitoring Committee reported that 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 shortfalls between July and September.
As a result, Brent crude for August deliveries rose 2.70% to $42.63 per barrel, while West Texas Intermediate rose 2.59% to $39.84 per barrel.
Meanwhile, investors were also watching the COVID-19 pandemic's impact on global markets. China announced its expectation of having 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 will cost around $1 billion and employ 5,000 people.
