Russia has no objection to the next OPEC+ meeting being brought forward to June 4 from the following week, sources told Reuters, in a move that could facilitate oil sales for countries like Saudi Arabia, Iraq and Kuwait.
“We might see a cautious pullback in (crude) prices given that downstream prices haven’t caught up… but if OPEC+ does come up with a three-month extension, there’s a possibility that prices may hit the $40 level,” said OCBC economist Howie Lee.
North America supply is also falling as data from Baker Hughes showed that the U.S. and Canada rig counts dropped to a record low in the week to May 29.
Crude futures -1% to $35.18/bbl.
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