Oil falls from $40 on doubts over early OPEC meeting

Financial Post | Jun 3, 2020 at 1:01 PM
  • Oil fell after touching its highest since March at more than $40 a barrel on Wednesday, pressured by doubts that an early meeting of OPEC and its allies to extend existing output cuts will take place.
  • Oil had been lifted earlier in the day by the American Petroleum Institute’s report on Tuesday that U.S. crude inventories fell by 483,000 barrels.
  • The OPEC+ group, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is cutting output by 9.7 million barrels per day (bpd) – about 10% of global output before the coronavirus crisis – in May and June to support prices.