Oil climbs more than 5% to 3-month high ahead of OPEC+ meeting
Saturday, 6 June 2020 01:55 WIB | ENERGY |Minyak WTIMinyak MentahMinyak Brent

Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC's decision to bring forward to Saturday discussions on whether to extend record production cuts.

Brent crude futures were up $2.07, or 5.2%, at $42.07 a barrel, while West Texas Intermediate crude futures gained $2.14, or 5.7%, to settle at $39.55 per barrel.

The U.S. Labor Department reported a surprise fall in the jobless rate to 13.3% last month from 14.7% in April.

Brent has risen 17% since Friday to reach a three-month high, in a range more comfortable for producers like Russia. The contract has more than doubled since crashing as low as $15.98 a barrel on April 22. WTI is up 11%.

Source : Reuters

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