Crude oil futures climbed for the third straight session during mid-morning Asian trade on May 6, erasing earlier losses, as concerns lingered over the prospect of tighter supply after the European Union’s embargo on Russian oil, while OPEC+ went ahead with its planned supply increase at its latest meeting.
At 10:26 am Singapore time (0226 GMT), the ICE July Brent futures contract was up 42 cents/b (0.38%) from the previous close at $111.32/b, while the NYMEX June light sweet crude contract rose 42 cents/b (0.39%) at $108.68/b. OPEC and its Russia-led partners on May 5 approved another modest 432,000 b/d increase in production quotas for June, continuing to look past the impact that the war in Ukraine has had on the market as they benefitted from a windfall in oil revenues, analysts said. Even with an expected European […]