Oil prices rise on OPEC+ cuts, record China imports

      Published on Monday, 8 June , 2020      772 Views     
Oil prices rise on OPEC+ cuts, record China imports

  • World

Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May

Brent crude LCOc1 was up 51 cents, or 1.2%, at $42.81 per barrel, by 0628 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 rose 32 cents, or 0.8%, to $39.87 a barrel.





Both hit their highest since March 6 earlier in the session, at $43.41 and $40.44, respectively.

On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by a third month to end-July. Following the extension, top exporter Saudi Arabia hiked its monthly crude prices for July.

But Howie Lee, an economist at Singapore bank OCBC, noted that the latest deal had fallen short of market hopes for a three-month extension of output cuts.



He said both benchmarks would require stronger bullish factors to propel prices back to where they were before March 6, when they crashed after OPEC and Russia initially failed to reach an agreement on supply cuts.


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Category World | 2020/06/08 latest update at 12:59 PM
Source : Reuters | Photocredit : Reuters
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