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Futures Movers: OPEC confirms a 9-month extension to output curbs, supports charter to formalize producer alliance

Oil futures climbed Monday, with U.S. prices building on the more than 9% jump for the month of June, as major producers looked set to extend their output curbs for another six to nine months.

Futures prices settled well below the day’s best levels, however, as the market was waiting for the Organization of the Petroleum Exporting Countries’ official announcement. The oil ministers have agreed to extend supply cuts by nine months, according to a report from Bloomberg, but the producers were still wrangling over a charter enshrining the alliance between members of OPEC and allied producers.

August West Texas Intermediate crude CLQ19, +1.13% added 62 cents, or 1.1%, to settle at $59.09 a barrel on the New York Mercantile Exchange, well below the day’s high of $60.28.

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