Oil Prices Hit $40, Falls on Doubts over Early OPEC Meeting

OPEC+ was said to be considering holding an earlier-than-planned meeting on June 4, instead of on June 9 and 10, but a meeting on Thursday may not take place unless laggards in compliance promise to stick fully to their quotas, sources familiar with the talks told Bloomberg.

However, prices retreated and Brent Crude was down 0.88 per cent at $39.22, while WTI Crude was down 0.22 per cent on the day to $36.73, but Nigeria’s Brass River and Qua Iboe sold briefly for $40.18 on Wednesday.