Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Oil up more than 3% ahead of OPEC+ meeting and on easing lockdowns

share with twitter share with LinkedIn share with facebook
06/02/2020 | 05:32pm EDT
FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Oklahoma

By Laila Kearney

Oil prices climbed by more than $1 a barrel on Tuesday on hopes that major crude producers will agree to extend output cuts during a video conference expected to be held this week and as countries and U.S. states begin to reopen after coronavirus lockdowns.

Brent crude settled at $39.57 a barrel, rising $1.25, or 3.3%. U.S. West Texas Intermediate crude (WTI) settled at $36.81 a barrel, jumping $1.37, or 3.9%.

Both benchmarks neared three-week highs.

"There's the anticipation that OPEC+ is going to agree to extend their current levels for another two months, and at the same time, the market anticipates that the reopening of economies around the world will increase demand and will get us in a position such that, by August, the oil market will be in balance," said Andy Lipow, president of consultants Lipow Oil Associates.

The Organization of the Petroleum Exporting Countries and others including Russia, a grouping known as OPEC+, are considering extending their production cuts of 9.7 million barrels per day (bpd), or about 10% of global output, into July or August, at a meeting expected to be held on Thursday.

Under the original OPEC+ plan, the cuts were due to run through May and June, scaling back to a reduction of 7.7 million bpd from July to December.

Saudi Arabia has been pushing to keep the deeper cuts in place longer, sources said.

The gradual reopening of businesses in a growing number of U.S. states and countries after shelter-in-place mandates caused by the coronavirus pandemic also boosted fuel demand and aided oil prices.

U.S. crude inventories fell by 483,000 barrels in the week to May 29 to 531 million barrels, compared with analysts' expectations for a build of 3 million barrels, data from industry group the American Petroleum Institute showed.

Official data will be released on Wednesday. [EIA/S]

(Reporting by Laila Kearney in New York; Additional reporting by Noah Browning in London; Editing by Matthew Lewis, Andrea Ricci and Richard Chang)

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 2.85% 5.765 Delayed Quote.2.00%
JUST GROUP PLC 6.85% 51.55 Delayed Quote.-38.63%
LONDON BRENT OIL 1.35% 42.76 Delayed Quote.-35.11%
SAUDI ARABIAN OIL COMPANY -0.45% 33.3 End-of-day quote.-5.53%
THE GLOBAL LTD. -0.47% 211 End-of-day quote.-55.20%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.44% 71.092 Delayed Quote.14.10%
WILL GROUP, INC. -0.48% 628 End-of-day quote.-49.84%
WORLD CO., LTD. -0.54% 1463 End-of-day quote.-45.63%
WTI 1.66% 40.185 Delayed Quote.-34.61%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
03:16pNEWS HIGHLIGHTS : Top Company News of the Day
03:16pMachinists Union Asks Congress to Step in as General Dynamics Bath Iron Works Strike in Maine Enters Fourth Week
03:16pConsumer Price Index, New York-Newark-Jersey City – June 2020
03:16pBLS U S BUREAU OF LABOR STATISTICS : Average Energy Prices, Washington-Arlington-Alexandria – June 2020
03:16pNEWS HIGHLIGHTS : Top Global Markets News of the Day
03:09pFed officials warn on "thick fog" ahead for U.S. economy as recovery concerns deepen
03:06pIMF INTERNATIONAL MONETARY FUND : Statement by the IMF Managing Director on Ukraine HTML File
03:01pWORLD BANK : Reviving Bangladesh's In-land Waterways for Low-carbon and Resilient Transport
02:55pFed's Brainard Sees Substantial Economic Risks and Slow Recovery -- Update
02:46pU.S. Department of Commerce Invests $400,000 in CARES Act Funding to Boost Economic Development Programs Critical to Helping 3-County Eastern Shore Region in Maryland Respond to Coronavirus
Latest news "Economy & Forex"