2020

The worldwide rig count for May 2020 was 1,176, down 338 from the 1,514 counted in April 2020

U.S. Rig Count is down 17 rigs from last week to 284, Canada Rig Count is up 1 rig from last week to 21

Brent were up 27 cents, or 0.7%, at $40.26 a barrel, WTI rose 17 cents, or 0.5%, to $37.58 a barrel.

A delegate-level OPEC+ technical committee, co-chaired by Saudi Arabia and Russia, is scheduled to meet June 5 to discuss market conditions and review compliance.

Many politicians and energy companies in Germany support Nord Stream 2

The Shanghai Composite index closed up 0.4% at 2,930.80.

The benchmark Nikkei average reversed early losses to end 0.7% higher at 22,863.73, its highest closing level since Feb. 21.

Spot gold was down 0.2% at $1,708.07 per ounce as of 0700 GMT, while U.S. gold futures slid 0.9% to $1,711.80.

Oil companies, including Norway’s state-controlled Equinor, have said they intend to reduce both operating and capital spending in order to preserve cash during the downturn.

Iran signed an agreement on exports of electricity to neighboring Iraq, covering 2020 and 2021.