As of 8:55 a.m. (GMT +4), the July futures for Brent crude dropped 0.02% to $65.86 a barrel, while the June futures went up 0.02% to $66.43.
The WTI crude June futures was 0.02% up and sold at $62.95.
Following a meeting on April 27, the OPEC + Ministerial Monitoring Committee recommended that member states keep the existing terms of the production cut agreement unchanged in May-July. It should be noted that under these conditions, as oil demand recovers, the volume of reductions will gradually decrease.
This recommendation of the monitoring committee was taken as a positive signal about the demand in the oil market.
At the same time, India and Japan still have a risk of decline in demand due to rising coronavirus infections.