04.06.2020 BRENT OIL Daily Analysis

04.06.2020 BRENT OIL Daily Analysis

BRENT OIL 39.12usd,-0.67,-1.68% Brent oil today is trading on 39.12usd and it went down with -1.68 %. Oil prices fell today, losing its gains for the previous session in the midst of concerns that supply will increase again if the major oil producers are going to fail to agree on extending the depth of the output cuts that have been supporting the oil prices lately. Saudi Arabia and Russia, two of the world's biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in supply cuts backed in April by the OPEC+ group, comprised of the Organization of the Petroleum Exporting Countries and other major producers but they did not manage to agree on having an OPEC meeting to discuss the cut with the OPEC sources saying it would be conditional on countries that have not complied with their targets deepening their cuts. Saudi Arabia and other Gulf producers Kuwait and the United Arab Emirates are not planning to extend voluntary output cuts of 1.8 million bpd after June, indicating crude supply will rise next month no matter what OPEC decides.