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.

Saudi Arabia’s Energy Minister said OPEC and its allies plan to continue output cuts in order to balance global oil inventories

 Khalid Al-Falih had said over the weekend that he hopes to see an agreement to prolong supply curbs by early July

Energy Aspects cut its oil demand growth figure in 2019 to 900k b/d, from

~1m b/d previously. JBC also said that it expects crude to drop as demand deterioTanker owner Frontline, whose Front Altair vessel was attacked in the Middle East last week, said it temporarily suspended trading in the region after the incident but has now resumed
Equities in Europe and the U.S. were mixed as broader markets looked ahead to a week of central bank policy meetings
Saudi Arabia’s crown prince joined the U.S. in blaming Iran for the attacks, a claim that Iran once again denied
The EIA will release its monthly Drilling Productivity Report at ~2pm ET

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To contact the editors responsible for this story:
Alaric Nightingale at
Brian Wingfield