Cuts, and more to come, buoy prices

摘要

Expectations of an extension of the Opec+ production agreement, reduced output and inventories in the US, and rising global demand boosted oil prices. Atlantic basin benchmark North Sea Dated rose by $4.33/bl to $37.71/bl in the week to 4 June, despite slim prompt demand. Mideast Gulf benchmark Dubai gained $2.82/bl to $38.36/bl, while US marker WTI rose by $3.70/bl to $37.41/bl.