Oil falls from $40 as doubts emerge over next step on OPEC cuts

Financial Post | Jun 3, 2020 at 5:10 PM
  • Oil fell on Wednesday after jumping for awhile above $40 a barrel, the highest since March, then retreating as doubts emerged about the timing and scale of a potential extension to the pact between OPEC and its allies to cut crude supplies.
  • Earlier in the session, oil fell when Bloomberg reported the Thursday meeting was in doubt.
  • The OPEC+ group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, is cutting output by 9.7 million barrels per day (bpd) in May and June, equal to about 10% of global output before the coronavirus crisis.