Crude oil prices rise as traders await Opec+ meeting
Published On: Friday, June 5, 2020 | By: Team KnowMyStock
Oil prices rose today(5th June 2020) after OPEC decided to move up discussions on whether to extend record production cuts to 6th June (Saturday), indicating that some laggard countries may have agreed to align themselves with the deal. Brent crude futures were up 95 cents, or 2.4 percent, at $40.94 a barrel as of 0920 GMT, after rising over $1 to $41.18. US West Texas Intermediate (WTI) crude futures rose 64 cents, or 1.7 percent, to $38.05 a barrel. Brent has risen 16 percent since Friday to reach a three-month high, settling in a range more comfortable for producers like Russia. The contract has more than doubled since it crashed to as little as $15.98 a barrel on April 22nd.
WTI is up nearly 14 per cent from Friday's close, leaving benchmarks on track for a sixth week of gains, lifted by the output cuts and signs of improving fuel demand as countries ease lockdown measures.
Russia's energy ministry said today a video conference of OPEC+, would be held on Saturday, 6th June.
OPEC and its allies had said they would bring forward the meeting, which had been scheduled for next week, should Iraq and others agree to boost their adherence to existing supply cuts.
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