Brent Crude Trades Near $65 on Middle East Violence, OPEC Supply - Bloomberg Business

Brent Crude Trades Near $65 on Middle East Violence, OPEC Supply - Bloomberg Business:



"Oil traded near $65 a barrel as investors weighed flaring Middle East violence against signs that OPEC’s production policy will keep the global market amply supplied.



Futures slid as much as 0.7 percent in London after rising 0.2 percent Monday. Iraq’s prime minister pledged a swift takeover of the city of Ramadi from Islamic State militants, while in Saudi Arabia, King Salman vowed to punish those responsible for a suicide attack on Shiite worshipers. The Organization of Petroleum Exporting Countries will probably maintain its output quota at a June 5 meeting, a Bloomberg survey shows.



Oil’s recovery from a six-year low in January is stalling this month amid speculation a global glut will persist. OPEC, which pumps 40 percent of the world’s crude, is seen sticking with its strategy of favoring market share over supporting prices, while U.S. supply remains near a record."



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