Oil moved between gains and losses in a volatile trading session, as demand continues to improve, but as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.
Brent crude futures for August were down 7 cents, or 0.2%, at $39.50 a barrel. The session high of $40.53 was the highest since March 6. West Texas Intermediate crude for July gained 48 cents, or 1.3%, to settle at $37.29 per barrel.
Both benchmarks have surged in recent weeks, with Brent more than doubling after hitting a 21-year low below $16 in April, when U.S. crude turned negative.
The OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, is cutting output by 9.7 million barrels per day (bpd) in May and June, equal to about 10% of global output before the coronavirus crisis.