Brent crude LCOc1 futures gained 64 cents, or 1.8%, to settle at $36.17 a barrel. US West Texas Intermediate (WTI) crude futures CLc1 rose $1.10, or 3.3%, to settle at $34.35 a barrel. Russian Energy Minister Alexander Novak was due to meet oil producers on Tuesday to discuss the possible extension of current cuts beyond June, sources familiar with the plans told Reuters. The RIA news agency said Russian oil production volumes were near the country’s target of 8.5 million bpd for May and June. “Global crude supply in June will likely be down 12 million bpd from March levels,” said Bjornar Tonhaugen, Rystad Energy’s head of oil markets.

Source: Dhaka Tribune May 26, 2020 19:07 UTC