$35 Brent: Goldman Sachs Turns Bearish On Oil | OilPrice.com:
The relief rally in oil may be coming to an end as oil market fundamentals are turning bearish once again and pointing to Brent Crude slipping back to $35 in the short term, Goldman Sachs said on Monday, citing still uncertain demand recovery and returning production from the U.S. and Libya.
Despite the recent optimism that supply cuts from OPEC+ and economics-driven curtailments in North America will combine with rebound in demand, Goldman Sachs warns that there are four key reasons why oil prices are in for a pullback in the coming weeks, according to a note from the bank’s Senior Commodity Strategist Damien Courvalin cited by ZeroHedge.
In early May, Goldman Sachs expected that oil demand could rebound enough to exceed supply by the end of May.
But now, “demand expectations are running ahead of a more gradual and still uncertain rebound,” according to the Wall Street bank.
Monday 8 June 2020
Middle East Oil, OPEC: #AbuDhabi Follows Saudis in Raising Crude Prices Amid OPEC+ Cuts - Bloomberg
Middle East Oil, OPEC: Abu Dhabi, Saudi Arabia Lift Prices - Bloomberg:
Abu Dhabi boosted pricing for its main Murban crude grade one day after Saudi Arabia posted sharply higher prices of its own, adding weight to efforts by producers to extend a rally in oil while they also limit supply.
Government-owned producer Abu Dhabi National Oil Co. raised July pricing for its flagship grade by $5.45 a barrel, according to a statement on Monday. Murban swung to a premium over the benchmark from a discount for the first time since March, when Saudi Arabia sparked a brief if devastating price war.
Crude markets have tightened since the OPEC+ alliance agreed in April to make unprecedented cuts in output as demand plunged amid the coronavirus. The producers, including the United Arab Emirates, of which Abu Dhabi is the capital, decided on Saturday to extend those cuts for another month through July. Brent crude, down about 37% this year, has clawed its way back to more than $40 a barrel this month.
Saudi Arabia, de facto leader of the Organization of Petroleum Exporting Countries, increased its pricing on Sunday, exceeding market expectations and causing refiners to worry about their profit margins. State-run Saudi Aramco sees “good indicators that demand is coming back and thriving,” Saudi Energy Minister Prince Abdulaziz bin Salman said Monday at a news briefing.
Abu Dhabi boosted pricing for its main Murban crude grade one day after Saudi Arabia posted sharply higher prices of its own, adding weight to efforts by producers to extend a rally in oil while they also limit supply.
Government-owned producer Abu Dhabi National Oil Co. raised July pricing for its flagship grade by $5.45 a barrel, according to a statement on Monday. Murban swung to a premium over the benchmark from a discount for the first time since March, when Saudi Arabia sparked a brief if devastating price war.
Crude markets have tightened since the OPEC+ alliance agreed in April to make unprecedented cuts in output as demand plunged amid the coronavirus. The producers, including the United Arab Emirates, of which Abu Dhabi is the capital, decided on Saturday to extend those cuts for another month through July. Brent crude, down about 37% this year, has clawed its way back to more than $40 a barrel this month.
Saudi Arabia, de facto leader of the Organization of Petroleum Exporting Countries, increased its pricing on Sunday, exceeding market expectations and causing refiners to worry about their profit margins. State-run Saudi Aramco sees “good indicators that demand is coming back and thriving,” Saudi Energy Minister Prince Abdulaziz bin Salman said Monday at a news briefing.
#Oman's sultan appoints head of new sovereign wealth fund - Reuters
Oman's sultan appoints head of new sovereign wealth fund - Reuters:
Oman’s Sultan has appointed Abdulsalam al-Murshidi as the head of the Omani Investment Authority, a new state entity replacing the sultanate’s sovereign wealth funds, Omani state television reported on Monday.
Murshidi has served as Executive President of the State General Reserve Fund, Oman’s biggest sovereign wealth fund with $14 billion under management.
The formation of Omani Investment Authority was announced on June 4.
Oman’s Sultan has appointed Abdulsalam al-Murshidi as the head of the Omani Investment Authority, a new state entity replacing the sultanate’s sovereign wealth funds, Omani state television reported on Monday.
Murshidi has served as Executive President of the State General Reserve Fund, Oman’s biggest sovereign wealth fund with $14 billion under management.
The formation of Omani Investment Authority was announced on June 4.
#SaudiArabia to end voluntary cuts on top of OPEC+ pact - Reuters
Saudi Arabia to end voluntary cuts on top of OPEC+ pact - Reuters:
Saudi Arabia will boost output in July to match its output OPEC quota while ending deeper, voluntary cuts amid signs of global demand recovering, the Saudi energy minister said on Monday.
OPEC, Russia and other producers agreed on Saturday to extend record output cuts of 9.7 million barrels per day (bpd) into July, curbing global supply by almost 10% amid a steep slump in demand due to the coronavirus pandemic.
For June, Saudi Arabia, Kuwait and the United Arab Emirates (UAE) had pledged to cut by 1.18 million bpd on top of that, with Riyadh forfeiting 1 million bpd.
Saudi Energy Minister Prince Abdulaziz bin Salman said that this would not continue in July, when Saudi Arabia will pump its OPEC quota, amid signs of demand recovery as nations around the world lift strict lockdown measures.
Saudi Arabia will boost output in July to match its output OPEC quota while ending deeper, voluntary cuts amid signs of global demand recovering, the Saudi energy minister said on Monday.
OPEC, Russia and other producers agreed on Saturday to extend record output cuts of 9.7 million barrels per day (bpd) into July, curbing global supply by almost 10% amid a steep slump in demand due to the coronavirus pandemic.
For June, Saudi Arabia, Kuwait and the United Arab Emirates (UAE) had pledged to cut by 1.18 million bpd on top of that, with Riyadh forfeiting 1 million bpd.
Saudi Energy Minister Prince Abdulaziz bin Salman said that this would not continue in July, when Saudi Arabia will pump its OPEC quota, amid signs of demand recovery as nations around the world lift strict lockdown measures.
Mideast Stocks: #Dubai outperforms on property shares as banks aid #Saudi | ZAWYA MENA Edition
Mideast Stocks: Dubai outperforms on property shares as banks aid Saudi | ZAWYA MENA Edition:
Dubai's stock market rose on Monday as property shares advanced, while Saudi Arabia extended gains from the previous session following an extension of output cuts by OPEC+ nations.
The Organization of Petroleum Exporting Countries, Russia and other producers - a group known as OPEC+ - agreed in April to cut supply by 9.7 million barrels per day (bpd) in May and June. They agreed on Saturday to sustain those cuts through July.
Meanwhile, Saudi energy minister Prince Abdulaziz bin Salman told a news conference on Monday that the kingdom and Gulf allies Kuwait and United Arab Emirates would not cut by an extra 1.18 million bpd in July as they are doing this month.
Saudi Arabia's benchmark index ended 0.5% up, with Banque Saudi Fransi rising 6.3% and Al Rajhi Bank 0.3% higher.
Dubai's stock market rose on Monday as property shares advanced, while Saudi Arabia extended gains from the previous session following an extension of output cuts by OPEC+ nations.
The Organization of Petroleum Exporting Countries, Russia and other producers - a group known as OPEC+ - agreed in April to cut supply by 9.7 million barrels per day (bpd) in May and June. They agreed on Saturday to sustain those cuts through July.
Meanwhile, Saudi energy minister Prince Abdulaziz bin Salman told a news conference on Monday that the kingdom and Gulf allies Kuwait and United Arab Emirates would not cut by an extra 1.18 million bpd in July as they are doing this month.
Saudi Arabia's benchmark index ended 0.5% up, with Banque Saudi Fransi rising 6.3% and Al Rajhi Bank 0.3% higher.
Oil falls 3% despite OPEC+ cuts as Gulf ends voluntary curbs - Reuters
Oil falls 3% despite OPEC+ cuts as Gulf ends voluntary curbs - Reuters:
Oil fell about 3% on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include additional voluntary reductions by a trio of Gulf producers.
After rising for seven consecutive session, Brent oil futures LCOc1 fell $1.30, or 3.1%, to $41.00 a barrel by 12:16 p.m. EDT (1616 GMT). U.S. West Texas Intermediate crude (WTI) CLc1, meanwhile, fell $1.35, or 3.4%, to $38.20.
Both benchmarks rose to their highest since March earlier in the session with WTI topping $40 a barrel.
The Organization of the Petroleum Exporting Countries, Russia and other producers - a group known as OPEC+ - agreed in April to cut supply by 9.7 million barrels per day (bpd) in May and June in an effort to prop up prices as coronavirus travel restrictions caused demand to collapse.
Oil fell about 3% on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include additional voluntary reductions by a trio of Gulf producers.
After rising for seven consecutive session, Brent oil futures LCOc1 fell $1.30, or 3.1%, to $41.00 a barrel by 12:16 p.m. EDT (1616 GMT). U.S. West Texas Intermediate crude (WTI) CLc1, meanwhile, fell $1.35, or 3.4%, to $38.20.
Both benchmarks rose to their highest since March earlier in the session with WTI topping $40 a barrel.
The Organization of the Petroleum Exporting Countries, Russia and other producers - a group known as OPEC+ - agreed in April to cut supply by 9.7 million barrels per day (bpd) in May and June in an effort to prop up prices as coronavirus travel restrictions caused demand to collapse.
European, Middle Eastern & African Stocks - Bloomberg #Qatar #SaudiaArabia #UAE close
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
OPEC, Oil News: #Saudi Aramco Shocks Asian Buyers With Price Hike - Bloomberg
OPEC, Oil News: Saudi Aramco Shocks Asian Buyers With Price Hike - Bloomberg:
Saudi Arabia’s steep hikes to its crude prices for July have shocked some Asian refiners even as the region leads a rebound in global energy consumption following coronavirus lockdowns.
Aramco’s price boost for its flagship Arab Light crude to Asia -- which accounts for more than half of Saudi oil sales -- was the biggest in at least 20 years, exceeding the most bullish expectations in a Bloomberg survey. However, two refiners are still seeking to buy their regular volumes because of the lack of alternative options, while another processor is weighing whether to replace some cargoes from the kingdom with floating storage or arbitrage supplies, according to people familiar with the matter.
Aramco increased Arab Light by $6.10 a barrel from June, according to a pricing list seen by Bloomberg. Across all of the producer’s grades, Super Light and Extra Light saw the biggest increases, while heavier crudes saw slightly smaller gains. Three refiners are considering their supply options after the move, the people said.
Saudi Arabia’s steep hikes to its crude prices for July have shocked some Asian refiners even as the region leads a rebound in global energy consumption following coronavirus lockdowns.
Aramco’s price boost for its flagship Arab Light crude to Asia -- which accounts for more than half of Saudi oil sales -- was the biggest in at least 20 years, exceeding the most bullish expectations in a Bloomberg survey. However, two refiners are still seeking to buy their regular volumes because of the lack of alternative options, while another processor is weighing whether to replace some cargoes from the kingdom with floating storage or arbitrage supplies, according to people familiar with the matter.
#Lebanon Pound's (LBP USD) Imploding Peg Hurts National Economy - Bloomberg
Lebanon Pound's (LBP USD) Imploding Peg Hurts National Economy - Bloomberg:
At a small cafe in the south Lebanese village of Ain Ebel, customers once indulged in drinks and lingered for hours puffing on water pipes filled with aromatic tobacco. Now, most go for a quick shot of espresso in a paper cup.
“It’s the only thing that’s still 2,000 pounds,” said Ibrahim Sader, the 32-year-old owner. “Everything else is now more expensive.”
Lebanon’s worst economic crisis in decades has already cost thousands of jobs, with unrest stirring again on Saturday as protesters lashed out at the government’s response. The depreciation in the pound is driving up prices, hitting disposable incomes and forcing many Lebanese to rein in the free-spending lifestyles they’d become accustomed to. Many now talk in terms of their lives before the currency crisis -- foreign holidays and shiny cars -- and their modest new reality.
By tethering the exchange rate to the dollar for over two decades, Lebanon effectively subsidized imports from wheat and fuel to luxury goods and vehicles, allowing Lebanese to enjoy lifestyles that would other
At a small cafe in the south Lebanese village of Ain Ebel, customers once indulged in drinks and lingered for hours puffing on water pipes filled with aromatic tobacco. Now, most go for a quick shot of espresso in a paper cup.
“It’s the only thing that’s still 2,000 pounds,” said Ibrahim Sader, the 32-year-old owner. “Everything else is now more expensive.”
Lebanon’s worst economic crisis in decades has already cost thousands of jobs, with unrest stirring again on Saturday as protesters lashed out at the government’s response. The depreciation in the pound is driving up prices, hitting disposable incomes and forcing many Lebanese to rein in the free-spending lifestyles they’d become accustomed to. Many now talk in terms of their lives before the currency crisis -- foreign holidays and shiny cars -- and their modest new reality.
By tethering the exchange rate to the dollar for over two decades, Lebanon effectively subsidized imports from wheat and fuel to luxury goods and vehicles, allowing Lebanese to enjoy lifestyles that would other
Middle East News: #Saudi Grocer Seeks First IPO Since Virus - Bloomberg
Middle East News: Saudi Grocer Seeks First IPO Since Virus - Bloomberg:
Saudi Arabia’s BinDawood Holding is pushing ahead with the initial public offering of its supermarket business, in what would be the first Middle Eastern share sale since the coronavirus pandemic prompted governments to shut down economies.
The company, which operates 73 stores across the BinDawood and Danube supermarket chains, plans to kick off the deal in Riyadh by the end of July to take advantage of a rise in demand for its online delivery business due to the shut downs, according to people with knowledge of the matter.
No final decisions have been made and timing of the deal could change, the people said, asking not to be identified as the information is private. A representative for BinDawood declined to comment.
The offering would follow a February offering by hospital operator Dr Sulaiman Al Habib Medical Services Group Co., which raised 2.63 billion riyals ($701 million). That deal that was 83 times oversubscribed.
Saudi Arabia’s BinDawood Holding is pushing ahead with the initial public offering of its supermarket business, in what would be the first Middle Eastern share sale since the coronavirus pandemic prompted governments to shut down economies.
The company, which operates 73 stores across the BinDawood and Danube supermarket chains, plans to kick off the deal in Riyadh by the end of July to take advantage of a rise in demand for its online delivery business due to the shut downs, according to people with knowledge of the matter.
No final decisions have been made and timing of the deal could change, the people said, asking not to be identified as the information is private. A representative for BinDawood declined to comment.
The offering would follow a February offering by hospital operator Dr Sulaiman Al Habib Medical Services Group Co., which raised 2.63 billion riyals ($701 million). That deal that was 83 times oversubscribed.
MIDEAST STOCKS-Major Gulf bourses get off to mixed start - Reuters
MIDEAST STOCKS-Major Gulf bourses get off to mixed start - Reuters:
Major stock markets in the Gulf were mixed in early trade on Monday, having rallied in the previous session buoyed by the OPEC+ group of oil producers agreeing to extend record production cuts until the end of July.
Saturday’s deal between OPEC and other producers led by Russia prolongs a pact that has helped crude prices to double in the past two months by withdrawing almost 10% of global supplies from the market.
Saudi Arabia’s benchmark index eased 0.1% in early trade, hurt by a 0.6% drop in oil giant Saudi Aramco and a 0.5% decline in petrochemical firm Saudi Basic Industries .
However, the index’s fall was cushioned by gains in financial stocks including Al Rajhi Bank, which was up 0.7%
Major stock markets in the Gulf were mixed in early trade on Monday, having rallied in the previous session buoyed by the OPEC+ group of oil producers agreeing to extend record production cuts until the end of July.
Saturday’s deal between OPEC and other producers led by Russia prolongs a pact that has helped crude prices to double in the past two months by withdrawing almost 10% of global supplies from the market.
Saudi Arabia’s benchmark index eased 0.1% in early trade, hurt by a 0.6% drop in oil giant Saudi Aramco and a 0.5% decline in petrochemical firm Saudi Basic Industries .
However, the index’s fall was cushioned by gains in financial stocks including Al Rajhi Bank, which was up 0.7%
NMC draws up 3-year turnaround plan | ZAWYA MENA Edition
NMC draws up 3-year turnaround plan | ZAWYA MENA Edition:
NMC Health, the debt-ridden hospital operator, has drawn up a three-year business plan to stage a comeback, the company's acting chief executive officer said.
"The business plan and our roadmap to recovery will take time and it won't be easy. I truly feel we are on the right track to turn the company around" Michael B. Davis, who took over the reign of the troubled healthcare operator in February from Prasanth Manghat , said in a memo sent out to employees.
The London-listed NMC Health, which got entangled in a huge debt trap amounting to $6.6 billion owed to several lenders, has been put under joint administration of Alvarez and Marsal by a UK court following a petition filed by Abu Dhabi Commercial Bank, it largest lender.
"Over the past few weeks many of you have worked with the A&M team in the development of the three-year business plan. This exercise (NMC's service to fight Covid-19) has helped to illustrate not only the important clinical and humanitarian value of our organization, but has also shown the company's financial viability and potential for continued growth," Davis said.
NMC Health, the debt-ridden hospital operator, has drawn up a three-year business plan to stage a comeback, the company's acting chief executive officer said.
"The business plan and our roadmap to recovery will take time and it won't be easy. I truly feel we are on the right track to turn the company around" Michael B. Davis, who took over the reign of the troubled healthcare operator in February from Prasanth Manghat , said in a memo sent out to employees.
The London-listed NMC Health, which got entangled in a huge debt trap amounting to $6.6 billion owed to several lenders, has been put under joint administration of Alvarez and Marsal by a UK court following a petition filed by Abu Dhabi Commercial Bank, it largest lender.
"Over the past few weeks many of you have worked with the A&M team in the development of the three-year business plan. This exercise (NMC's service to fight Covid-19) has helped to illustrate not only the important clinical and humanitarian value of our organization, but has also shown the company's financial viability and potential for continued growth," Davis said.
Fintech Startups Get Finance From #Dubai's Financial Hub - Bloomberg
Fintech Startups Get Finance From Dubai's Financial Hub - Bloomberg:
Dubai International Financial Centre invested in four financial technology startups as part of the business hub’s $100 million fund to help companies seeking access to Middle East, Africa and South Asia.
FlexxPay, Go Rise, NOW Money and Sarwa received pre-series A to series A funding, DIFC said in a statement. “More applications will be evaluated and further investments will be made by the fund to be announced within a short period.”
Dubai International Financial Centre invested in four financial technology startups as part of the business hub’s $100 million fund to help companies seeking access to Middle East, Africa and South Asia.
FlexxPay, Go Rise, NOW Money and Sarwa received pre-series A to series A funding, DIFC said in a statement. “More applications will be evaluated and further investments will be made by the fund to be announced within a short period.”
Selected Companies
- FlexxPay: “A cloud-based B2B FinTech employee benefits platform allowing instant access to earned income”
- Go Rise: “A holistic and seamless financial services platform for 250 million global migrants”
- NOW Money: “Provides payroll services to Gulf-based companies, and app-based accounts with physical debit card and remittance options for each of their lower-income workers”
- Sarwa: “A robo-advisory wealth management firm”
Fintech Firm Offering Islamic Investment Backed by #Saudi Aramco - Bloomberg
Fintech Firm Offering Islamic Investment Backed by Saudi Aramco - Bloomberg:
A New York-based online Islamic investment platform has secured backing from Saudi Aramco, the world’s biggest company, to expand into the Middle East and make Riyadh its hub for the region.
Wahed Invest LLC got the financing from the oil giant’s Saudi Aramco Entrepreneurship Ventures unit as part of a $25 million funding round, founder Junaid Wahedna said in an interview. Dubai-based BECO Capital and Boston-based Cue Ball Group LLC also invested in the firm, he said.
The three-year-old company has already received a license to operate in Saudi Arabia, and aims to get regulatory approval in 20 countries, compared with nine at the moment, he said. Wahed in October started Malaysia’s first Shariah-compliant digital investment platform as it seeks to tap into rising demand for Islamic finance.
“Having Aramco as an investor is really important for us, as clients get a lot of reassurance from investing through a company backed by strong and familiar names,” Wahedna said.
A New York-based online Islamic investment platform has secured backing from Saudi Aramco, the world’s biggest company, to expand into the Middle East and make Riyadh its hub for the region.
Wahed Invest LLC got the financing from the oil giant’s Saudi Aramco Entrepreneurship Ventures unit as part of a $25 million funding round, founder Junaid Wahedna said in an interview. Dubai-based BECO Capital and Boston-based Cue Ball Group LLC also invested in the firm, he said.
The three-year-old company has already received a license to operate in Saudi Arabia, and aims to get regulatory approval in 20 countries, compared with nine at the moment, he said. Wahed in October started Malaysia’s first Shariah-compliant digital investment platform as it seeks to tap into rising demand for Islamic finance.
“Having Aramco as an investor is really important for us, as clients get a lot of reassurance from investing through a company backed by strong and familiar names,” Wahedna said.
European, Middle Eastern & African Stocks - Bloomberg #Qatar #SaudiaArabia #UAE mid-session
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Gulf mall operators rein in expansion as retailers reel from COVID-19 - Reuters
Gulf mall operators rein in expansion as retailers reel from COVID-19 - Reuters:
Mall operators in the Gulf region are delaying new mega-projects as the coronavirus pandemic and low oil prices upend a retail industry built around huge centres catering to tourists and wealthy locals.
Majid Al Futtaim (MAF), the Middle East’s biggest mall-operator, told Reuters it had delayed the launch of its fifth and largest centre in Oman, the 145,000 square-metre (1.5 million sq-ft) Mall of Oman, because retailers did not have the cash at hand to fit out stores.
In Dubai, Emaar Malls (EMAA.DU) halted construction on two projects, according to two sources familiar with the plans. They are a mall near the site of the Expo 2020 world fair, which has been delayed by a year to next October, and a 185,000 square-metre mall in the Dubai Hills residential area, the people said.
Emaar Malls, owner and operator of the world’s largest shopping centre, Dubai Mall, did not respond to a request for comment.
Mall operators in the Gulf region are delaying new mega-projects as the coronavirus pandemic and low oil prices upend a retail industry built around huge centres catering to tourists and wealthy locals.
Majid Al Futtaim (MAF), the Middle East’s biggest mall-operator, told Reuters it had delayed the launch of its fifth and largest centre in Oman, the 145,000 square-metre (1.5 million sq-ft) Mall of Oman, because retailers did not have the cash at hand to fit out stores.
In Dubai, Emaar Malls (EMAA.DU) halted construction on two projects, according to two sources familiar with the plans. They are a mall near the site of the Expo 2020 world fair, which has been delayed by a year to next October, and a 185,000 square-metre mall in the Dubai Hills residential area, the people said.
Emaar Malls, owner and operator of the world’s largest shopping centre, Dubai Mall, did not respond to a request for comment.
Oil prices rise on OPEC+ cuts, record China imports - Reuters
Oil prices rise on OPEC+ cuts, record China imports - Reuters:
Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May.
Brent crude LCOc1 was up 51 cents, or 1.2%, at $42.81 per barrel, by 0628 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 rose 32 cents, or 0.8%, to $39.87 a barrel.
Both hit their highest since March 6 earlier in the session, at $43.41 and $40.44, respectively.
Brent has nearly doubled since the Organization of the Petroleum Exporting Countries (OPEC), Russia and allies - collectively known as OPEC+ - agreed in April to cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.
Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May.
Brent crude LCOc1 was up 51 cents, or 1.2%, at $42.81 per barrel, by 0628 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 rose 32 cents, or 0.8%, to $39.87 a barrel.
Both hit their highest since March 6 earlier in the session, at $43.41 and $40.44, respectively.
Brent has nearly doubled since the Organization of the Petroleum Exporting Countries (OPEC), Russia and allies - collectively known as OPEC+ - agreed in April to cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.
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