OPEC oil supply fell by 1.25 million bpd in June from May's level – Reuters

OPEC's (Organization of the Petroleum Exporting Countries) oil supply has fallen by 1.25 million barrels per day (bpd) in June from May's level, Reuters reported on Monday, citing tanker tracker Petro Logistics.

OPEC-10, excluding Libya, Iran and Venezuela, needs to cut an additional 1.55 million bpd to reach full compliance with the OPEC+ output reduction agreement, Reuters further noted.

Market reaction

The barrel of West Texas Intermediate (WTI) extended its daily rally on this headline and was last seen gaining 2.45% on the day at $39.10.