Oil steady as OPEC+ considers extension to output curbs - Reuters

Oil steady as OPEC+ considers extension to output curbs - Reuters:

Oil prices were steady on Monday helped by reports that OPEC and Russia were closer to a deal on extending oil cuts but held back by renewed tension between the United States and China.

Benchmark Brent crude LCOc1 was up 19 cents, or 0.5%, at $38.03 a barrel at 1126 GMT. U.S. crude CLc1 had dipped 11 cents, or 0.3%, at $35.38 a barrel.

The Organization of the Petroleum Exporting Countries and Russia, part of a group known as OPEC+, are moving closer to a compromise on the duration for extending oil output cuts and were discussing rolling over the curbs one to two months, two OPEC+ sources told Reuters.

Algeria, which holds the rotating OPEC presidency, has proposed that OPEC+ hold a meeting on June 4 rather than the previously planned June 9-10. Russia has said it has no objection to meeting sooner.