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Oil rises slightly as traders await clarity on output cuts


Friday, 5 June 2020 01:47 WIB

Minyak WTI


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Oil prices were little changed on Thursday as investors awaited a decision from top crude producers on whether to extend record output cuts.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are debating when to hold ministerial talks to discuss a possible extension of the existing cuts.

Brent crude futures were up 6 cents, or 0.2%, at $39.85 a barrel. West Texas Intermediate crude futures gained 12 cents to settle at $37.41 per barrel.

Saudi Arabia and Russia, two of the world’s biggest oil producers, want to extend cuts of 9.7 million barrels per day (bpd) that major producers agreed to in April.

Source: Reuters


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