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Oil prices fell on Monday as OPEC and its allies proposed a meeting to assess the need for additional record output cuts beyond June.
Brent crude dropped 0.4%, or 15 cents, at $37.69 per barrel. West Texas Intermediate crude futures for the July contract lost 0.4%, or 13 cents, at $35.36 per barrel.
The price declines came after both benchmarks posted their highest monthly gains in years. The price increase was lifted by OPEC production cuts and demand recovery as countries ease lockdowns.
However, the U.S.-China tensions still weighed on the market, as well as the riots happening in major U.S. cities.
Saudi Arabia is planning to extend production cuts until the end of 2020. However, this proposition is yet to be supported by Russia.
Current OPEC president Algeria proposed that the organization move the June 9-10 to June 4 to facilitate oil sales for several countries at a quicker time.
Elsewhere, North American oil supply also dropped as data showed that the U.S. and Canada oil and gas rigs fell to a record low in the week ended May 29.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
The dollar sat near two-year lows on Wednesday as the United States struggled to control the coronavirus outbreak, breaking hopes for a fast economic recovery. The gloomy outlook for the U.S. economy is expected to urge the Federal Reserve ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
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