Oil inches up after dejection over extension eats into jump
One-month deal about output cuts has dashed market hopes for a three-month deal, analyst says
08 June 2020 - 07:48
Singapore — Oil crept higher on Monday, but gave up big early gains as optimism over major crude producers’ deal to extend record output cuts gave way to disappointment that the accord didn’t extend beyond end-July.
Brent crude had climbed as high as $43.41 a barrel but by 4.39am was trading up just 21c, or 0.5%, at $42.51. US West Texas Intermediate (WTI) crude rose 2c, or 0.05%, to $39.57 a barrel, after earlier touching $40.44. Both hit their highest since March 6...
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