- Crude oil prices tick higher after Saudi energy minister Khalid al-Falih said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019; U.S. WTI +0.3% to $64.50/bbl, Brent +0.4% to $69.17 after earlier crossing $70 for the first time since January.
- “A decision about this is to be taken at OPEC’s next meeting in June... [and] al-Falih believes it necessary to maintain the cuts in 2019, he is essentially conceding that OPEC has no scope for raising production," Commerzbank (DE:CBKG) says.
- Middle East tensions also are at play, as Pres. Trump named former ambassador John Bolton as his new national security advisor; Bolton is known for his hard-line views on Iran.
- ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, UBRT, DBRT, OILD, OILU, USAI
- Now read: Shale Oil Myths: 'It Is Too Light And No Good'
Original article