08:29 ET – US benchmark oil prices surge 2.6% higher to a fresh 12-week-high of $36.36/bbl early in NY. Investors have essentially turned what was bearish news — a slowdown in oil demand recovery from the coronavirus — into bullish news as this could convince OPEC and other major producers of the need to extend or even deepen output cuts. The OPEC-plus group that includes Russia will hold a virtual meeting Thursday. “I think after the pullback in prices late last week and through Monday after weak (EIA) data … we are starting to near what is an oil price that for the moment accurately matches the fundamentals,” says Spartan Capital’s Peter Cardillo.
(END) Dow Jones Newswires
June 02, 2020 08:30 ET (12:30 GMT)
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