Skip to main content

Oil prices slip as wary traders eye upcoming OPEC+ meeting

Oil prices

Oil prices fell nearly 1% on Monday as traders hedged bets 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 34 cents to $37.50 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 $35.17 a barrel, down 32 cents, by 0123 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 is expected to recover as more nations emerge from coronavirus lockdowns.

“The focus is very much on OPEC+,” OCBC economist Howie Lee said, referring to the grouping of OPEC and its allies including Russia. OPEC+ agreed in April to reduce output by an unprecedented 9.7 million barrels per day (bpd) in May and June after the coronavirus pandemic ravaged demand.

“We might see a cautious pullback in (crude) prices given that downstream prices haven’t caught up … but if OPEC+ does come up with a three-month extension, there’s a possibility that prices may hit the $40 level,” Lee said.

Still, tensions between the United States and China weighed on global financial markets while traders are also keeping an eye on riots over the weekend that have engulfed major U.S. cities.

Saudi Arabia is proposing to extend record cuts from May and June until the end of the year.

Algeria, which currently holds the OPEC presidency, has proposed an OPEC+ meeting planned for June 9-10 be brought forward to facilitate oil sales for countries such as Saudi Arabia, Iraq and Kuwait. Russia has no objection to the meeting being brought forward to June 4.

Meanwhile supply in North America is also falling as data from Baker Hughes Co showed that the U.S. and Canada oil and gas rigs count dropped to a record low in the week to May 29.

The post Oil prices slip as wary traders eye upcoming OPEC+ meeting appeared first on ARY NEWS.

Labels:

Comments

Post a Comment

Popular posts from this blog

Accountability court hears assets case against Ishaq Dar

ISLAMABAD: An accountability court in Islamabad on Wednesday resumed the hearing of a reference filed against former finance minister Ishaq Dar by the National Accountability Bureau (NAB) for allegedly accumulating assets beyond his known sources of income.  Judge Muhammad Bashir is recording the statement of a prosecution witness, Ishtiaq Ahmed. At the previous hearing, the accountability judge had reserved his verdict on an application filed by two co-accused seeking acquittal in the case. Naeem Mehmood and Mansoor Rizvi, who are directors of Dar’s companies, had filed the application requesting the judge to exonerate them from all charges for want of evidence. Qazi Misbah, the counsel for the two co-accused, contended the prosecution has failed to provide compelling evidence to prove the allegations leveled against his clients. The third co-accused President National Bank of Pakistan (NBP), Saeed Ahmed, had already filed an application before the court for his acquittal wh...
Post a Comment
Read more

10 creepy celebrity wax statues

Waxworks of celebrities, sports persons and politicians such as Tom Cruise, Barack Obama and Christiano Ronaldo are admired by people all over the world. The craft requires taking careful and accurate measurements to create these wax statues, which are then polished and perfected to make for an exact replica. Madame Tussaud’s is one of the most famous museums in the world that displays wax statues, however, not all wax museums in the world craft flawless statues. Compiled from Cosmopolitan India , here is a list of the creepiest celebrity wax statues. Barack Obama PHOTO: COSMOPOLITAN David and Victoria Beckham PHOTO: COSMOPOLITAN Jennifer Aniston PHOTO: COSMOPOLITAN Beyonce’s wax statue sparks outrage Jennifer Lopez PHOTO: COSMOPOLITAN Justin Bieber PHOTO: COSMOPOLITAN Justin Timberlake PHOTO: COSMOPOLITAN Aamir Khan PHOTO: COSMOPOLITAN Katrina Kaif PHOTO: COSMOPOLITAN London’s Tussauds gets to work on Trump wax figure Selena Gomez PHOTO: C...
Post a Comment
Read more

Qatar to hike minimum wage ‘by end of year’

DOHA: Qatar could increase the minimum wage for migrant workers by the end of 2018, unions predicted on Monday, as the 2022 World Cup host seeks to push through labour reforms. It would be the first change to the monthly wage since its introduction by the gas-rich Gulf state last November. “By the end of the year we expect a new minimum wage to be set, that’s good news,” said Sharan Burrow, general secretary of the International Trade Union Confederation. Burrow did not name a figure but said the new wage would be calculated by assessing a “basket of goods”. She was speaking after meeting Qatar’s labour minister, Issa al-Jufali al-Nuaimi, and other government officials in Doha over the past two days. The minimum wage was set at 750 riyals a month ($206, 170 euro) on its introduction. In addition to the salary, labourers receive free accommodation, food and healthcare plans, covered by employers. The 750-riyal figure has been criticised as too low. “We believe it is not good e...
Post a Comment
Read more