Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week to see how producers will respond. Brent crude futures for August rose 50 cents, or 0.7%, to $69.22 a barrel by 0614 GMT .
Australian shares are set to open lower, as holidays in the UK and US dented global equities. The Reserve Bank’s latest policy statement is expected at 2.30pm.
It’s another punishing week in the pockets of motorists as gasoline prices will rise by P0.80 per liter; while the cost of diesel will be hiked by P0.40 per liter, based on pricing advisories sent to the Department of Energy and the media. Kerosene, which is another commodity in the weekly prici
Alex LawlerOlesya AstakhovaAhmad Ghaddar
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A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
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OPEC+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said, as producers balance expectations of a recovery in demand against a possible increase in Iranian supply.
The Organization of the Petroleum Exporting Countries and allies - known as OPEC+ - decided in April to return 2.1 million barrels per day (bpd) of supply to the market from May to July, as it anticipated global demand would rise despite surging coronavirus cases in India. read more
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