Opec And Russia

Brent crude futures settled at $43.08 a barrel, down 2 cents in the session. US West Texas Intermediate settled down 1 cent at $40.62 a barrel.

Brent crude settled at $43.10 a barrel, up 30 cents.

Crude stocks rose by 5.7 million barrels in the week to June 5 to 538.1 million barrels, according to a report from the USEnergy Information Administration.

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.

Monday and Tuesday have been two of the most turbulent days in the history of oil trading, as investors confronted the reality that worldwide supply will overwhelm demand for months or years

The cartel, Kuwait and Saudi Arabia say Mexico's refusal to agree blocked the proposed accord

Global oil demand has dropped by as much as 30 per cent, or about 30 million barrels per day, as measures to reduce the virus' spread have caused a crash in demand for ATF, petrol and diesel

With Saudi Arabia and Russia set to flood the market with oil next month, producers and shippers have been scrambling to lock oil up in storage as demand falls.

Trump last week said he would get involved in the oil price war between Saudi Arabia and Russia at the appropriate time

As global oil demand plummets, Saudi Arabia is struggling to find customers for its extra oil, undermining its bid to seize market share by expanding production

Brent crude was trading at $36.77 per barrel, down 1.2%, at 0733 GMT on Wednesday

Russia and Kazakhstan, both members of the broader and informal group known as OPEC+, said they had not yet agreed to a deeper cut

Saudi Crown Prince Mohammed bin Salman told Reuters that Riyadh and Moscow were considering a deal to greatly extend a short-term alliance