Brent crude is set to end June with three consecutive monthly gains as OPEC+ supply cuts and as oil demand improved after countries across the globe eased lockdown measures. However, global coronavirus cases exceeded 10 million on Sunday as India and Brazil battled outbreaks of over 10,000 cases daily. New outbreaks are reported in countries including China, New Zealand and Australia, prompting governments to impose restrictions again. “There is also a risk that gains in prices recently could see some US shale producers restart wells,” ANZ said. Even as higher oil prices prompt some producers to resume drilling, the number of operating oil and natural gas rigs dropped to a record low last week.

Source: Dhaka Tribune June 29, 2020 00:11 UTC