Oil hits three-month high over hopes for output cuts

03 Juin, 2020, 21:19 | Auteur: Auguste Feret
  • Daily July WTI Crude OilMore

Oil rose on Wednesday, topping $40 a barrel for the first time since March, supported by lower U.S. inventories, expectations Opec+ will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis.

Brent crude was up 22 cents, or 0.6 percent, at 39.79 US dollars, by 0003 GMT, the highest since March 6, having gained 3.3 percent on Tuesday. The session high of $40.53 was the highest since March 6. West Texas Intermediate (WTI) crude for July CLc1 fell 3 cents, to $36.78. It rose to as much as $38.18, also the highest since March 6.

Russian President Vladimir Putin with Saudi Arabian King Salman bin Abdulaziz al-SaudOPEC leader Saudi Arabia and non-OPEC Russia have agreed a preliminary deal to extend existing record oil production cuts by one month while raising pressure on countries with poor compliance to deepen their output cuts, OPEC+ sources told Reuters.

Both benchmarks have risen sharply in recent weeks from the lows of April, buoyed by a continuing recovery in China, the epicenter of the virus outbreak, while other economies are slowly opening up after lockdowns to contain its spread.

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Encouraged by signs of recovery in the market, OPEC+ is considering extending the cut beyond June.

"Even deeper cuts will speed up the process of rebalancing the market", ING Economics said, noting the "market was already set to transition from surplus to deficit as we move into the second half of this year".

Oil swung between gains and losses as a drop in US crude stockpiles was offset by rising fuel inventories, while uncertainty swirled over the future of output curbs by OPEC and its allies.

"As product demand remains subdued, gasoline inventories showed a solid build, while distillates showed a mammoth one - despite refinery runs being over 3.6 million barrels per day below year-ago levels", said Matt Smith, director of commodity research at ClipperData. The government's official supply report is due out later on Wednesday. Those figures show USA stockpiles still remain high and are forecast to have risen for a second week in a row.

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