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(Bloomberg) -- Oil traded near $42 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged.Brent futures dropped 0.3%, erasing earlier gains of almost 3% following a sixth weekly increase on Friday. The extension is a victory for Saudi Arabia and Russia, which were deadlocked in a brutal price war just two months ago. The de-facto leaders of OPEC+ showed their commitment to shore up oil markets globally over the weekend, and even cajoled Iraq, Nigeria and other laggards to fulfill their promises to reduce production.“Crude had mostly priced in the one-month extension of deeper cuts by Friday,” said Vandana Hari, founder of energy consultancy Vanda Insights in Singapore. Once the market looks beyond the the decision to prolong curbs, it will see the growing challenges over maintaining quota discipline...
Demonstrations sparked by the killing of George Floyd continued over the weekend around the U.S. New York’s mayor ended the city’s curfew earlier, as protesters pledged to carry on. Photo: Jacquelyn Martin/AP...
Jun.07 -- China has issued an alert, warning its citizens not to travel to Australia in the latest sign of deteriorating relations. Bloomberg’s Selina Wang reports on “Bloomberg Daybreak: Asia.”...
Jun.07 -- Colin Powell says he cannot support President Donald Trump. The former Secretary of State says he will vote for Democrat Joe Biden. Ros Krasny reports on "Bloomberg Daybreak: Australia."...
Jun.07 -- New York Governor Andrew Cuomo talks about the protests in the state, the need for criminal justice reform, and the coronavirus outbreak. He speaks at his daily press briefing. (Excerpts) (Corrects spelling of Floyd's name in headline.)...
Jun.07 -- New York Mayor Bill de Blasio talks about the protests in the city and his decision to end the curfew. He speaks at his daily press briefing. (Excerpts)...
(Bloomberg) -- Oil advanced above $43 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged.Brent futures added 2.4% after posting a sixth weekly increase on Friday, the longest run of gains since May 2018. The extension is a victory for Saudi Arabia and Russia, which were deadlocked in a brutal price war just two months ago. The de-facto leaders of OPEC+ showed their commitment to shore up oil markets globally over the weekend, and even cajoled Iraq, Nigeria and other laggards to fulfill their promises to reduce production.Following the extension, Saudi Arabia made some of the biggest increases to the price of its crude in at least two decades. The steepest will hit July exports to Asia, while overall, the gains erased almost all of the discounts the kingdom...
