Brent rises to $40 amid expectation of cuts
Oil is firmer as optimism mounts that producers will extend production cuts and a recovery from the pandemic will spur fuel demand
03 June 2020 - 07:50
Tokyo — Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that large producers will extend production cuts and a recovery from the coronavirus pandemic will spur fuel demand.
Brent crude futures for August rose 43c, or 1.1%, at $40 a barrel, by 2.52am GMT. The contract climbed to as high as $40.42, the highest since March 6, after gaining 3.3% on Tuesday...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.