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Oil prices recover as OPEC production pact hangs over market


Tuesday, 11 June 2019 19:48 WIB

Minyak WTIMinyak MentahMinyak Brent


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Oil futures snapped back with gains Tuesday, loosely tracking a recovery for stock markets, but still held in limbo ahead of a key supply decision by OPEC and its allies, primarily Russia, in coming weeks.

Oil futures finished lower on Monday as investors focused on worries about slowing global growth after weaker import data from China and uncertainty surrounded Russia's decision on whether to extend production curbs beyond their expiration this month. The U.S. decision to shelve tariffs on Mexican imports had provided some underlying support to oil prices in early dealings.

At last check, West Texas Intermediate crude for July delivery on the New York Mercantile Exchange gained 59 cents, or 1%, to $53.85 a barrel, while August Brent crude rose 31 cents, or 0.5%, to $62.58 a barrel on ICE Futures Europe.

Source : MarketWatch


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