Oil Edges Higher With OPEC+ Decision on Output Cuts in Focus

Tuesday, 2 June 2020 12:50 WIB

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Oil edged higher toward $36 a barrel as the market waited to see if OPEC and its allies will extend record production curbs.

Futures in New York rose around 1% after closing little changed Monday. Saudi Arabia favors keeping the curbs -- which are set to start easing from July -- in place for an extra one to three months, a delegate said. Any changes to the OPEC+ deal will hinge on negotiations between Moscow and Riyadh, with Russia saying last week that it wanted to start winding down the cuts next month.

If OPEC+ “can agree on a three-month extension for the current output cuts, there’s a real chance that the market could flip from a severe oil glut this quarter to a supply deficit in the third quarter,” said Howie Lee, an economist at Oversea-Chinese Banking Corp. in Singapore. That would help push Brent toward $40 a barrel, he said.

West Texas Intermediate for July delivery rose 0.8% to $35.71 a barrel on the New York Mercantile Exchange as of 1:30 p.m. in Singapore. Brent for August delivery climbed 0.9% to $38.67 on the ICE Futures Europe exchange after advancing 1.3% on Monday.

Source : Bloomberg


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