ShutterstockOil slipped on Monday after Saudi Arabia said an extension of output cuts by Opec+ nations would not include extra voluntary cuts by a trio of Gulf producers. Those cuts were in addition to the 9.7 million bpd Opec+ plan. Analysts said higher oil prices could discourage buying and undercut the fragile recovery demand while prompting U.S. shale drillers to return to reopen wells. According to SBI’s Ecowrap report, India is likely to end the current fiscal with a current account surplus, if the oil prices in the international market remain subdued. However, the magnitude might shrink if oil prices show undue volatility and stay at over $40 per barrel for a sufficiently longer period of time, it added.

Source: The Telegraph June 08, 2020 22:41 UTC