Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week.
FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S., April 21, 2020. REUTERS/Drone Base/File PhotoWest Texas Intermediate crude CLc1 futures rose 0.56%, or 20 cents, to $35.64 a barrel.
OPEC+ producers are considering extending their output cut of 9.7 million barrels per day , about 10% of global production, into July or August, at an online meeting likely to be held on June 4. Under the OPEC+ plan agreed in April, the record supply cut was to be for May and June, scaling back to a cut of 7.7 million bpd from July through December. Saudi Arabia has been leading talks to push for extending the heftier cuts, sources told Reuters last week.
An extension could push oil prices to $40, but there would have to be follow-through on that commitment to sustain higher prices, said Commonwealth Bank’s Dhar.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Oil prices edge up ahead of upcoming OPEC+ meetingOil prices were little changed on Monday, 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.
Weiterlesen »
Putin and Trump Discussed OPEC+ Deal, Oil Market Recovery, Kremlin Says(Bloomberg) -- Russia’s President Vladimir Putin and his U.S. counterpart Donald Trump discussed the OPEC+ deal, just days before the producers’ alliance meets to discuss the future of its output cuts.“It has been stated that the multilateral agreement reached with active support of U.S. and Russian
Weiterlesen »
Russia has no objection to earlier OPEC+ meeting: sourcesRussia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting's preparations told Reuters on Sunday.
Weiterlesen »
Crude prices fall on concerns of U.S. riots, even as OPEC meeting advancedOil prices fell due to concerns about riots in major U.S. cities that could staunch demand after trading higher on optimism that OPEC would extend or enhance production cuts at a meeting in June.
Weiterlesen »
Return to the Road Drives Oil Price to Largest Ever Monthly GainU.S. oil prices notched their largest monthly gains on record in May, recovering a big chunk of the losses caused in March and April by the coronavirus.
Weiterlesen »
Trump Administration Limits States' Power To Stop Oil And Gas PipelinesIn recent years, states have used the Clean Water Act to block pipelines and other fossil fuel projects. But a new EPA rule makes it harder for states to do that.
Weiterlesen »