OPEC news

Oil prices have swung to gains after a morning flavoured by concerns over expected crude stock build in the US.

Oil prices are enjoying some stability now, after pricing in fears of a new pandemic wave and the OPEC+ cuts agreement.

Oil prices lost ground this morning, as traders corrected last week’s exuberant gains, amid worries that Covid-19 will not let demand recover as quickly as hoped.

Mele Kyari, the head of the Nigerian National Petroleum Corp., has said Africa's top oil exporter is fully committed to the cuts.

OPEC+'s cuts are deep enough to create a monthly deficit in crude and condensate supply from June 2020 and continuing uninterrupted until at least the end of next year, according to Rystad Energy.

Oil prices fluctuated this morning, swinging from marginal gains to losses as traders price in Libya supply and a spike in new global Covid-19 cases.

Rystad Energy has said that OPEC+ has "taken a tighter grip on the near-term crude oil fundamentals with Saturday’s extension decision."

On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by a third month to the end of July.

Oil prices rose this morning on indications that an OPEC+ meeting is coming soon, with an agreement to extend June’s production-cut levels to July.

Oil prices fall as enthusiasm for a possible OPEC+ agreement to continue June’s production cuts for more months subsides.