Oil Futures Rise on Hope of Extension of Global Production Cuts

Tuesday, 2 June 2020 18:54 WIB



Crude-oil futures on Tuesday headed higher, at least partly supported by reports that major producers may agree to extend output cuts that terminate at the end of June to further steady oil prices.

Reuters has reported that the Organization of the Petroleum Exporting Countries and notably major producer Russia, part of a group known as OPEC+, are considering extending cuts of some 9.7 million barrels per day to July or August, during a meeting now set to take place June 4 -- bringing forward a meeting that had been scheduled for June 9-10.

There is evidence that those production cuts have been effective, with Russian output falling to 9.39 million barrels a day last month, near the OPEC+ goal, Reuters reported, citing a report from Interfax news agency. Russia's output was down from 11.35 million barrels per day in April, the news organization reported, citing sources familiar with the matter.

West Texas Intermediate crude for July delivery gained 93 cents, or 2.6%, at $36.37 a barrel on the New York Mercantile Exchange, after shedding less than 0.1% on Monday. Global benchmark Brent saw its August contract climb 96 cents, or 2.5%, at $39.27 a barrel on the ICE Futures Europe platform, after the contract rose 1.3% in the previous session.

Source : Marketwatch


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