Oil futures remained solidly higher but off session highs Thursday after news reports said the Organization of the Petroleum Exporting Countries and its allies postponed its meeting until Friday, delaying a decision on further relaxing production cuts beginning next month. West Texas crude for August delivery
CLQ21,
+2.03%
on the New York Mercantile Exchange was up $1.45, or 2%, at $74.92 a barrel after trading as high as $76.22 a barrel in earlier activity. Crude was lifted by expectations OPEC+ would agree to boost output by another 500,000 barrels or so beginning in August, an increase seen as likely to be easily absorbed by the market amid expectations for rising demand in coming months. The delay comes after a meeting of the OPEC+ Joint Ministerial Monitoring Committee failed to come to a conclusion on recommendations. The JMMC is expected to meet again Friday ahead of the OPEC+ gathering.