West Texas Intermediate crude futures CLc1 for July delivery traded at $35.25 a barrel, down 24 cents, at 7:35 pm EST (21:35 GMT). Brent crude LCOc1 traded down 16 cents a barrel at $37.68 a barrel, in the first day of August trading as the front month. Still, expectations of OPEC and its allies advancing the timeline for its June meeting lent support to the market, putting a floor in place, analysts said. “Rumours of additional production cuts and the earlier meeting date led the market higher,” said Phil Flynn, a senior analyst at Price Futures in Chicago. Russia has no objection to the next meeting of OPEC and its allies, known as OPEC+, being brought forward to June 4 from the following week, three OPEC+ sources familiar with the meeting’s preparations told Reuters on Sunday.

Source: bd News24 May 31, 2020 23:48 UTC