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Commodities Corner: OPEC readies for ‘critical’ meeting, decision on oil output cuts

The meeting of the Organization of the Petroleum Exporting Countries and its allies in early July is coming at a particularly important and volatile time for oil. Prices have been supported by major producers’ output cuts, growing tensions in the Middle East, but also pressured by forecasts of a slowdown in global demand.

“The OPEC meeting is critical, as an extension of OPEC cuts is essential to stabilize the market,” says Jay Hatfield, CEO and portfolio manager at InfraCap, a firm with investments in oil.

Front-month futures for U.S. benchmark West Texas Intermediate CLQ19, +0.93% settled at $57.43 a barrel on Friday.

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