Brent Climbs to $88 as OPEC+ Compliance Reportedly Improves

The latest independent tracking data from energy consulting firms shows OPEC+ major member compliance with production cut agreements jumped sharply from 78% last month to 91%, with Iraq and Kazakhstan both submitting compensatory reduction plans. Boosted by this news, Brent crude futures climbed to $88/bbl, a near two-month high. Meanwhile, US crude inventories fell for a third consecutive week, with both API and EIA data showing drawdowns exceeding expectations. Analysts believe that if compliance remains elevated, Brent could test the $90 level before the peak summer demand season.