Mid-Week Review – June 3, 2020

Brent climbed above $40 for the first time in 3 months on hopes of extended production cuts

The world’s biggest oil producers are expected to meet as early as Thursday, according to Reuters which cited sources as saying OPEC+ members may bring forward a meeting originally scheduled for June 9-10. While Russia and other members are eyeing one-month extensions to production cuts, Saudi Arabia is reportedly in favor of as long as three months more cuts. Click here to read more from Markets Insider.

Oil Erases Gains With OPEC+ Meeting in Doubt Over Quota-Cheating

The producer group won’t hold an early meeting on June 4, and a scheduled gathering next week was also threatened, unless all nations first agree to cut output by as much as they promised, according to people familiar with the negotiations. The alliance had been expected to prolong their record cutbacks instead of easing them next month.  Click here to read more from Yahoo Finance.

China drives global oil demand recovery out of coronavirus collapse

China’s oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdowns. Click here to read more from Reuters.

Treasury slaps fresh sanctions on entities supporting Venezuela’s oil sector and Maduro regime

The Department of Treasury slapped fresh sanctions on four companies operating in Venezuela’s oil sector, a frequent target of the Trump administration for its financial support to President Nicolas Maduro’s regime. Click here to read more from CNBC.

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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