Oil prices settle mixed following massive monthly gains

Xinhua
02 Jun 2020, 06:44 GMT+10

NEW YORK, June 1 (Xinhua) -- Oil prices settled mixed on Monday, following massive gains in the prior month.

The West Texas Intermediate (WTI) for July delivery lost 5 cents to settle at 35.44 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery rose 0.48 dollar to close at 38.32 dollars a barrel on the London ICE Futures Exchange.

Front-month U.S. benchmark WTI futures gained 88.4 percent for May, marking its best monthly performance on record, according to Dow Jones Market Data. Global benchmark Brent climbed 39.8 percent for the past month.

Traders were awaiting a key meeting by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, which is expected to discuss their next move on production cuts.

Algeria, which currently holds the presidency of the OPEC, has proposed the meeting planned for June 9-10 be brought forward to June 4, according to Reuters.

OPEC+ agreed in April to slash output by 9.7 million barrels per day for May and June as the COVID-19 pandemic ravaged demand.

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