WTI CRUDE OIL TRENDING UPWARD

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The crude oil prices are trending upside due to expectations that major producers will agree to extend output cuts during a video conference likely to be held this week and as countries and US states begin to restart after the current lockdown under pandemic situation. The Organization of the Petroleum Exporting Countries and others including Russia, a grouping known as OPEC, are considering extending their production cuts of 9.7 million barrels per day (bpd), or about 10 per cent of global production, into July or August, at a meeting expected to be held on June 4.  It is also expected that OPEC and other supporting countries would be cutting their oil production till September end.  Saudi Arabia has been pushing to keep the deeper cuts in place for longer, sources said.



The gradual reopening of businesses in a growing number of US states and countries around the world after shelter-in-place mandates caused by the coronavirus pandemic also oil boosted prices.

The WTI Crude Oil prices are trading around 37.00 dollars per barrel and it is very much anticipated to go further upto 40 dollars per barrel this week end.



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