Oil Rises Above 5 Month Low – 6 June, 2019

In a possible move from OPEC to extend crude supply cuts, oil gained 1%, but is still struggling to stay away from the five month low it hit at the beginning of the week. U.S. West Texas Intermediate crude futures rose 50 cents and 1% to $53.09, having reached as high as $53.33 earlier in the day with the previous session ending 1.8% higher. International Brent crude futures gained 0.8% and 50 cents to $62.17, gaining 1.7% on Thursday. Prices are also a reflection of the possible delay by the U.S. on tariffs on Mexico as negotiations are still underway.