Oil rises slightly as traders await clarity on output cuts
Friday, 5 June 2020 01:47 WIB | ENERGY |Minyak WTI

Oil prices were little changed on Thursday as investors awaited a decision from top crude producers on whether to extend record output cuts.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, are debating when to hold ministerial talks to discuss a possible extension of the existing cuts.

Brent crude futures were up 6 cents, or 0.2%, at $39.85 a barrel. West Texas Intermediate crude futures gained 12 cents to settle at $37.41 per barrel.

Saudi Arabia and Russia, two of the world™s biggest oil producers, want to extend cuts of 9.7 million barrels per day (bpd) that major producers agreed to in April.

Source: Reuters

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