Brent crude, the global benchmark, rose $0.01 to $62.30 a barrel at 0849 GMT. “The odds are on a full agreement and cooperation between the two producers’ groups,” said Tamas Varga of oil broker PVM, referring to prolonged supply curbs by OPEC and its allies. OPEC+ is due to meet in late June or early July to decide whether to extend the pact. While the talk of prolonged supply restraint is supporting prices, concern about slowing demand and economic growth has had a bigger impact on sentiment. Energy consultancy FGE said global crude demand growth could drop below 1 million barrels per day (bpd) in 2019 from the 1.3 to 1.4 million bpd expected previously.

Source: The Express Tribune June 11, 2019 15:22 UTC