Oil Steady As Crews Return To U.S. Gulf Rigs

Meanwhile, an OPEC+ technical panel warned that a rise in coronavirus cases in some countries may curb oil demand despite signs of economic recovery and initial indications of a decline in oil stocks, according to an internal document seen by Reuters.

Global coronavirus cases are expected to pass 30 million on Thursday, according to a Reuters tally.

Later on Thursday, OPEC and its allies led by Russia, are scheduled to hold an online meeting to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook.

“Mission is far from accomplished by OPEC+ and the need for deeper cuts or reining in sub-compliers to avoid global stock builds returning is overarching,” said Rystad Energy’s head of oil markets Bjornar Tonhaugen.

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