Oil Prices Hold Ground Ahead of OPEC+ Meeting on Extended Output Cuts
Tuesday, 2 June 2020 09:01 WIB | ENERGY |Minyak WTIbrent oilOil,Crude Oil

Oil prices rose in early trade on Tuesday, with traders waiting to see whether major crude producers agree to extend their huge output cuts to shore up prices at a meeting expected later this week.

Brent crude futures rose 0.3%, or 12 cents, to $38.44 a barrel as of 0011 GMT.

U.S. West Texas Intermediate (WTI) crude futures traded in a 38 cent range on either side of Monday™s close, and last traded up 0.3%, or 9 cents, at $35.53 a barrel.

Brent prices have doubled over the past six weeks, thanks to supply cuts by the Organization of the Petroleum Exporting Countries and allies, including Russia, dubbed OPEC+. However, prices are still down about 40% for the year so far.

Source : Reuiters

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