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Oil Prices Edge Down As Wary Traders Eye Upcoming OPEC+ Meeting


Monday, 1 June 2020 13:44 WIB

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Oil prices edged down on Monday as traders took profits, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June.

Brent crude LCOc1 fell 15 cents, or 0.4%, to $37.69 a barrel, in the first day of trading in the contract with August as the front month.

West Texas Intermediate (WTI) crude futures CLc1 for July delivery were at $35.36 a barrel, down 13 cents, or 0.4%, by 0419 GMT.

The price falls come after front-month Brent and WTI prices posted their strongest monthly gains in years in May. Gains were boosted by OPEC crude production dropping to its lowest in two decades, with demand expected to recover as more nations emerge from coronavirus lockdowns.

Source : Reuters


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