Oil reverses losses to gain 2% as OPEC urges compliance with production cuts


An aerial view shows pumpjacks in the South Belridge Oil Field on April 24, 2020 near McKittrick, California.

David McNew | Getty Images

Oil prices rose about 2% on Thursday, turning positive as OPEC and its allies said the producer group would crack down on countries that failed to comply with output cuts and planned to hold an extraordinary meeting in October if oil markets weaken further.

Brent oil futures extended their gains to trade up 2.3% at $43.21 a barrel. U.S. crude futures settled 81 cents, or 2%, higher at $40.97 per barrel. Both contracts rose more than 4% on Wednesday.

The panel of major producers, including Saudi Arabia and Russia, did not recommend any changes to their…


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