Oil futures rise to kick off October, with crude supplies expected to continue tightening.
Oil futures rose Monday, kicking off October on a positive note as traders focused on expectations for a further tightening of supply.
Traders this week will be paying attention to a meeting of the OPEC+ Joing Ministerial Monitoring Committee, or JMMC, on Wednesday. The panel is made up of oil ministers from members of the Organization of the Petroleum Exporting Countries and its Russia-led allies and has the authority to call for a full OPEC+ meeting if it decides one is needed.
Crude has rallied over the past four months, with tightening supplies taking center stage. Analysts have cited Saudi Arabia’s June decision to implement a voluntary production cut of 1 million barrels a day beginning in July — a reduction that was recently extended through the end of the year — as the primary driver for the rally.
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