Global Markets Wrap-up
OPEC Commits to Output Cuts
Oil futures traded higher on Friday after OPEC and it members committed to meet their production cut commitments. On Thursday, the Joint Ministerial Monitoring Committee said the overall compliance with the output cut deal in May stood at 87%, while countries that didn’t fulfil their commitments will make up for any shortfalls between July and September.
At 04;00 a.m Eastern Time, Brent for deliveries in August rose 2.70% to $42.63 while the West Texas Intermediate rose 2.59% to $39.84 per barrel.
Even as investors are keenly watching the coronavirus pandemic, China has announced it expects to have a COVID-19 vaccine by the end of 202. Germany, on the other hand, said its first trial results will come in two months. Major indices on Wallstreet closed mixed on Thursday’s session with the Dow Jones declining 0.15%, the S&P 500 rose 0.06% while the Nasdaq 100 rose 0.30%.
Tesla’s New US Plant
According to media reports, Tesla is planning to start building a new plant this summer in Texas, Travis County. Tesla has confirmed its investments in a new plant which will cost about $1 billion and will employ 5,000 people.