Crude Oil prices are expected to trade higher today: Angel Commodities

Oil extends gain on supply cut, weak economy strains outlook

Traders said crude oil futures on Tuesday were pushed up by a broader lift in financial markets after Beijing eased financing rules to stem an economic downturn.

Separately, Russian Finance Minister Anton Siluanov said oil prices could fall as low as $30 per barrel if OPEC and others did not extend the curbs.

Front-month Brent crude futures, the global benchmark for oil prices, were at $63.71 at 0017 GMT, 42 cents, or 0.7%, above Friday's close. Usually, the S&P 500 Index influences oil prices.

If he is unsuccessful in his mission on Monday, Falih might try to convince the Russians to back the deal later this month, during a G20 meeting in Japan.

"There are big risks of over-production. But on the whole. we need to analyze deeper and look at how the events will develop in June in order to take a balanced decision at the joint OPEC+ meeting in July".

U.S. President Donald Trump said he was ready to impose another round of punitive tariffs on Chinese imports if he does not reach a trade deal with China's president at a Group of 20 summit later this month.

But analysts said there were still concerns about the health of the global economy, with the United States and China still locked in a trade war.

"Over the past week or so, our economists have revised down their GDP growth outlook for the US, China, India and Brazil", Barclays bank said on Monday in a note about the economy and its impact on oil demand.

China's crude oil imports slipped to around 40.23 million tonnes in May, from an all-time high of 43.73 million tonnes in April, customs data showed, due to a drop in Iranian imports caused by US sanctions and refinery maintenance.

Stock markets rose on Monday after a deal between the United States and Mexico to combat illegal migration from Central America late last week removed the threat of US tariffs on goods imported from Mexico. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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