Again, oil prices rise after OPEC+ cuts
Brent crude was up 51 cents, or 1.2 per cent, at $42.81 per barrel, by 0628 GMT, while U.S. West Texas Intermediate crude rose 32 cents, or 0.8 per cent, to $39.87 a barrel.Brent has nearly doubled since the, Russia and allies, collectively known as OPEC+, agreed in April to cut supply by 9.7 million barrels per day during May-June to prop up prices that collapsed due to the coronavirus crisis.
“It’s a big gap there; you need a strong conviction to go from $43 to pre-crash levels,’’ Lee said, referring to Brent being above $50 before the March crash.Purchases by the world’s largest crude importer rose to an all-time high of 11.3 million bpd in May. Libya’s supply could also rise soon as two major oilfields have reopened after months of a blockade that shut off most of the country’s production.
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