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Crude Oil Surges To 3-Month High

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Crude oil prices rose on Wednesday, as production cuts being maintained and opening-up of lockdown across the globe, pushed prices higher

Brent crude rallied to a 3-month high of $37.16 per barrel, the highest since March, 2020.

Crude Oil Surges To 3-Month High
 

All of the benchmark crude, have seen a sharp rally in the last one week, in line with the global stock markets.

According to a Reuters report, the Organization of the Petroleum Exporting Countries and others including Russia may extend production cuts of 9.7 million barrels per day (bpd), or about 10% of global output, into July or August.

The OPEC meeting is scheduled to be held later on Thursday and markets will await to see, if there will be production cuts.

Read more about: crude oil
Story first published: Wednesday, June 3, 2020, 10:38 [IST]
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