OPEC compliance reached highest in May 2017

Oil prices hold near multi-month lows as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output. Global benchmark Brent was unchanged at $46.02 barrel after falling nearly 2 percent in the previous session to its lowest settlement since November. U.S. crude futures for August were trading up 4 cents at $43.55, after spending much of the day slightly lower and falling more than 2 percent to the lowest since September. Compliance with an agreement by the Organization of the Petroleum Exporting Countries and other producers to cut output by 1.8 million barrels per day for six months from January reached its highest in May since curbs were agreed last year.

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