Crude oil futures were trading higher in mid-morning trade in Asia June 3, with the prompt-month ICE Brent contract rallying above $40/b amid optimism that OPEC+ would extend its supply cuts. At 10:10 am Singapore time, ICE Brent August crude futures were up 64 cents/b (1.62%) from June 2’s settle at $40.21/b, while the NYMEX July light sweet crude contract was 85 cents/b (2.31%) higher at $37.66/b. “Crude oil prices gained as OPEC looked to extend its current level of production cuts,” ANZ analysts said in a note June 3. Optimism emerged ahead of the upcoming OPEC+ meet, which may be brought forward to a June 4 online meeting, although this has still not been formally scheduled. Still, the anticipation is keeping prices supported for now. “Reports suggest the group has agreed to a one-month […]