Oil Dips, Fear of Oversupply Rises – 3 June, 2020
Oil prices took a dip as efforts for output cuts have been put in the spotlight. Brent crude futures dropped 41 cents or 1% to $39.38 per barrel. U.S. West Texas Intermediate crude futures fell 61 cents or 1.6% to $36.68 per barrel. OPEC+ agreed to curb production to level out demand as the coronavirus spread around the world halting travel, though those cuts were only agreed to take place from April to June. OPEC failed to have a meeting this week about wether or not to cuts would be extended to July.