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Oil prices jump on hopes for output cut deal

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Oil prices rebounded Tuesday on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market.

Prices have fallen sharply since expectations for a quick deal to cut output levels were dashed, but the rescheduling to Thursday of a meeting of major crude producers boosted sentiment.

US benchmark West Texas Intermediate was up 3.83 percent to $27.08 a barrel in Asian morning trade.

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A barrel of Brent crude, the international benchmark, was trading 2.81 percent higher at $33.98.

Prices fell to 18-year lows last week as the market wallowed in oversupply arising from a price war between Saudi Arabia and Russia, which have ramped up production.

“Prices recovered some of the early losses, as both Russia and Saudi Arabia suggested they would be willing to cut production but only if the rest of the world followed suit,” ANZ Bank said in a note.

“The stumbling block appears to be the US, which is reluctant to join an agreement.”

But with US Energy Secretary Dan Brouillette holding talks with Saudi Arabia and Russia, “the market is hopeful of some sort of agreement”, the bank added.

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OPEC is the Organization of the Petroleum Exporting Countries of which Saudi Arabia is the biggest producer, while Russia is not an OPEC member.

“Ultimately there is hope that cooler heads will prevail, and producers will reconcile and formulate a response that puts a floor under oil prices,” said AxiCorp global market strategist Stephen Innes.

“Still, the challenge remains to the extent which producers are willing to cut.”

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DC mayor trolls Trump by lighting ‘Black Lives Matter Plaza: ‘We turned on the night light for him’

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2020 Election

It’s Donald Trump vs Joe Biden: Associate Press reports former VP has clinched the DNC nomination

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The 2020 general election campaign between two top parties has unofficially been set.

"Joe Biden formally clinched the Democratic presidential nomination Friday, setting him up for a bruising challenge to President Donald Trump that will play out against the unprecedented backdrop of a pandemic, economic collapse and civil unrest," the AP reported Friday. "The former vice president has effectively been his party’s leader since his last challenger in the Democratic primary, Bernie Sanders, ended his campaign in April. But Biden pulled together the 1,991 delegates needed to become the nominee after seven states and the District of Columbia held presidential primaries Tuesday."

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Trump retweets right-wing video attacking George Floyd’s character — hours after calling it a ‘great day’ for Floyd

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On Friday, President Donald Trump retweeted a video from right-wing commentator Glenn Beck, which appeared to question the wisdom of calling George Floyd a "hero" — and concurring with Black GOP commentator Candace Owens, who said it "sickens me" he is being "held up as a martyr."

Disgusting. pic.twitter.com/JCJWEFYZww

— David Gura (@davidgura) June 6, 2020

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