Oil Set for Best Month Since January Before Crucial Meetings - Bloomberg

Oil Set for Best Month Since January Before Crucial Meetings - Bloomberg:

The U.S.-Iran standoff and falling American stockpiles have propelled oil toward its biggest monthly gain since January but crucial meetings in the next few days will determine whether the rally continues.

Futures in New York declined Friday, paring their advance in June to about 11%. Investors are focused on the meeting Saturday in Osaka between the U.S. and Chinese leaders for any progress on defusing the trade war. OPEC and its allies will then gather in Vienna on Monday and Tuesday to decide on the group’s production levels. Russia’s energy minister said his country is still in talks on the future of the group’s supply cuts deal.

Growing gloom over the global economic outlook spurred by the trade war snubbed out oil’s rally in late April, and pushed it down more than 20% before attacks on tankers in the Middle East gave prices a lift. While President Donald Trump has threatened this week to impose more tariffs on Chinese goods, there is some hope he may agree to another truce while negotiations resume. Meanwhile, most analysts expect the Organization of Petroleum Exporting Countries to roll over their output cuts for the rest of the year.