Key Points
(Bloomberg) -- Oil rose toward a five-month high after OPEC confirmed it would maintain its existing supply cuts through the end of June..
The Organization of the Petroleum Exporting Countries and its allies recommended no policy changes at a meeting on Wednesday, which will help keep global markets tight over the next few months..
For the next two or three months, I expect to see OPEC production fall even further," Daniel Hynes, senior commodity strategist for ANZ Banking Group Ltd., said on Bloomberg Television..
Members came out of the OPEC meeting talking about adhering to those quotas a lot closer," referring to the groups previously agreed-upon cuts..
There are signs of a demand revival in Asia, while Federal Reserve Chair Jerome Powell said Wednesday that a US rate cut is still likely this year, although the central bank is waiting for clearer signs of lower inflation..
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