Tuesday, 07 July 2020
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Oil rises nearly 4% ahead of OPEC+ meeting, easing lockdowns
Wednesday, 3 June 2020 01:48 WIB | ENERGY |Minyak WTI

Oil prices were up about $1 a barrel on Tuesday on expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and U.S. states begin to restart after coronavirus lockdowns.

West Texas Intermediate crude climbed $1.37, or 3.87%, to settle at $36.81 per barrel. Brent crude rose 2.7%, or $1.04, to $39.36 a barrel.

The Organization of the Petroleum Exporting Countries and others including Russia, a grouping known as OPEC+, are considering extending their production cuts of 9.7 million barrels per day (bpd), or about 10% of global production, into July or August, at a meeting expected to be held on June 4.

Source: Reuters

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