Oil futures continued to trade higher on Tuesday after reports said that the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will keep its plan to gradually raise production starting in May, and cancel an OPEC+ meeting that was scheduled for Wednesday. OPEC+ ditched plans to hold the ministerial meeting Wednesday, Reuters reported, citing four OPEC+ sources, following a meeting Tuesday of ministers who are members of a market monitoring panel. The panel, known as the Joint Ministerial Monitoring Committee had rescheduled its meeting to Tuesday, a day earlier than previously planned. Amena Bakr, deputy bureau chief and chief OPEC correspondent at Energy Intelligence, tweeted that the JMMC’s recommendation is to keep the output policy unchanged and cancel Wednesday’s OPEC+ meeting. June West Texas Intermediate crude CLM21, +0.66% rose 45 cents, or 0.7%, to trade at $62.36 a barrel on the New York Mercantile Exchange.
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