Crude edges higher on Opec+ compliance promises

Traders see the positives as producers commit to even greater respect for quotas

The benchmark Ice Brent front-month contract was trading above $42.50/bl at Friday lunchtime, threatening to record its highest closing price since early March. Better-than-expected compliance with Opec+ production curbs and promises made by quota busters at Thursday’s joint ministerial monitoring committee (JMMC) to mend their ways are the major drivers. The Ice contract closed just above $42/bl on 5 June but slipped back below $40/bl before the current rally kicked in yesterday. Today’s trading has seen the highest price levels since the collapse from $51.50/bl on 5 March to under $33.50/bl just three trading days later on 9 March. Baghdad boost Iraq’s promise to the JMMC—that it will comp