The sun sets behind an oil pump outside Saint-Fiacre, near Paris March 28, 2019. — Reuters pic
Brent crude futures were down 52 cents, or 1.7 per cent, at US$30.96 a barrel by 0810 GMT after opening at a session high of US$33.99. US West Texas Intermediate crude futures fell 12 cents, or 0.5 per cent, to US$22.64 but was oscillating in and out of positive territory. “We do not expect a sustained recovery in the oil price until pent-up demand is released in Q3,” he said.
Canada and Norway signalled a willingness to cut. The United States, where antitrust legislation makes it hard to act in tandem with groups such as Opec, has said that low prices mean its output would already fall by as much as 2 million bpd this year without planned cuts.
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