WSJ report
OPEC will extend its production cuts into the second half of the year, as widely expected. The OPEC meeting is Monday and WSJ reporters cited OPEC and Saudi officials.
Part of the extension will include pressure on Iraq and Nigeria to meet quotas. The report also says some members will push for deeper cuts, but that Saudi Arabia is unlikely to back the push.
"This is not going to happen," a Persian Gulf delegate told the WSJ. "Everyone should strictly comply with the [existing] cuts."
WTI initially jumped on headlines about deeper cuts but quickly gave back the gains and is now flat on the day at $59.39.
