By Alex Longley
(Bloomberg) —
Summary of what’s shaping the oil market on Monday: Saudi Arabia said it hopes to agree an extension of output cuts with OPEC and its allies by early July. Crude drifted lower though, as consultants talked down oil demand growth against a backdrop of ongoing trade tensions between the U.S. and China.
One ship operator said damage was from a suspected attack
Oil prices rose as much as 4.5% to more than $61 a barrel
By Verity Ratcliffe, Anthony DiPaola and Bruce Stanley
(Bloomberg) —
Two oil tankers were damaged on Thursday in a suspected attack near the entrance to the Persian Gulf, stoking fears that high-stakes diplomatic efforts won’t avert a military confrontation between the U.S. and Iran. Oil prices surged.
America’s total petroleum stockpiles jump by most since 1990
WTI crude is little changed after tumbling 3.4% on Wednesday
By Saket Sundria and Grant Smith
(Bloomberg) —
Oil held steady after sinking into a bear market on Wednesday amid ballooning U.S. crude inventories and signs that demand is faltering.
Lender’s forecast implies a 28% rally from current levels
Pessimism masks bullish market fundamentals, writes Ed Morse
By Sharon Cho
(Bloomberg) —
Forget the trade war and global growth pessimism. Citigroup Inc. is sticking to its target of Brent oil rising to $78 a barrel in three months.
Oil Rebounds After Trade War Rout as Saudis Try to Calm Market
Kingdom reiterates confidence of OPEC+ action beyond June
WTI rises 1.7% to $54.39 after plunging 5.5% on Friday
By Tsuyoshi Inajima and Grant Smith
(Bloomberg) —
Oil rose as Saudi Arabia offered reassurance that OPEC will keep global crude markets in balance after concerns over the U.S.-China trade dispute triggered the steepest monthly slump this year.
