Oil falls from $40 on doubts over early OPEC meeting

Oil advances towards US$43 after Opec+ extends production cuts

OPEC, allies agree to extend oil output cuts by 1 month

During the OPEC+ meeting that took place on Saturday, the cartel's ministers agreed to expand the low oil output period for another month.

Brent futures rose 1.2% after swinging between gains and losses earlier.

The OPEC+ agreement calls for laggards such as Iraq to cut by levels above and beyond their agreed production number to compensate for falling short previously.

There are also some concerns that recent signs of improving demand could prompt higher non-OPEC supply.

Canada's unemployment rate reaches record 13.7%
But white people who began job hunts were mostly hired: The number of unemployed white people fell by more than 2 million . American Airlines, for example, said this week that it will fly 55% of its US routes in July, up from just 20% in May.

"OPEC+ faces a Catch-22 situation, " he said. "Crude had mostly priced in the one-month extension of deeper cuts by Friday".

Producers must also weigh the recovery in global demand against a possible return of supply from Libya after months of a blockade that shut off most of its crude production as well as weak compliance with promised cuts from producers such as Iraq and Nigeria.

A "slightly stronger US dollar... is weighing on crude prices".

The extension of the existing limits is a victory for Saudi Arabia and Russian Federation, which were deadlocked in a brutal price war just two months ago.

Derek Chauvin Hit With Second-Degree Murder, 3 Other Officers Charged
But defence attorney Groshek said prosecutors would likely seek more than that if they secure a conviction against Chauvin. It is unclear whether the demonstrations will continue at the level of they have over the last week.

However, OPEC+, a group of producers led by Saudi Arabia and Russian Federation, which agreed in April to cut supply by 9.7 million barrels per day (bpd) in May and June to support prices, decided on Saturday to sustain those cuts through July.

"Oil prices continue the greatest comeback in history", Phil Flynn, senior market analyst at the Price Futures Group, told FOX Business.

Saudi Arabia, de facto leader of the Organization of Petroleum Exporting Countries, increased its pricing on Sunday, exceeding market expectations and causing refiners to worry about their profit margins. The month-on-month boost to its flagship Arab Light to Asia, which accounts for more than half of Saudi oil sales, is the largest in at least 20 years.

Saudi Arabia, the biggest OPEC producer, on Sunday hiked prices by as much as $7.30 a barrel for Asian customers, the most in 20 years, virtually eliminating all of the price discounts the kingdom initiated during its price war with Russian Federation, according to a price sheet seen by Bloomberg.

Second penumbral lunar eclipse of the year on Friday night
In 2020, the Hunter's Moon on October 31 will also be a blue moon because it is the second full moon to occur in October. Mead is a drink created by fermenting honey mixed with water, sometimes with fruits, spices, grains, or hops.

Initial production with a capacity of 30,000 barrels per day (bpd) will start but full production is anticipated within 90 days. Offshore drillers idled about a third of oil production, amounting to about 636,000 barrels of daily output, due to the storm, according to the Bureau of Safety and Environmental Enforcement.

Latest News