Brent was down 52 cents, or 1.3%, at $40.28 a barrel, WTI fell 27 cents, or 0.7%, to $37.92.

U.S. gross domestic product fell at a 4.8% annualized rate in the first three months of the year. The outcome for the April to June period is expected to show an even worse annualized decline of perhaps 20% or more. The unemployment rate rose from a record low of 3.5% in February, hitting 14.7% in April and 13.3% last month.

The pound hit a new three-month high of $1.2757 in overnight trading, before falling to as low as $1.2620 in early London trading. It was at $1.2653 at 1210 GMT, down 0.6% on the day.

Global LNG trade in 2019 amounted to 354.73 million mt, which was an increase of 13% from 2018 and the sixth year of consecutive growth,

Iraq will stick to its quota in June and July and will make further reductions later on

Hydrogen, the universe's most abundant particle, has often been touted as a way to power vehicles and energy plants, but it is just too expensive.

Brent was up 50 cents, or 1.2%, at $42.80 per barrel, WTI rose 31 cents, or 0.8%, to $39.86 a barrel.

OPEC+ agreed the option of extending the first phase of the production adjustments pertaining in May and June by one further month.

Saudi Arabia's total oil export revenue for Q1 was Riyal 149.95 billion, down from Riyal 192.03 billion for the same quarter the previous year.

Iraq's output was well above its quota of 3.592 million b/d for May and June. as agreed under the historic production cuts of OPEC and its allies, led by Russia.

The spread of the Covid-19 pandemic has upended these expectations, and 2020 is now set to see the largest decline in energy investment on record, a reduction of one-fifth – or almost USD 400 billion – in capital spending compared with 2019.

Britain's FTSE 100 slipped 0.3% and AstraZeneca shed 3%.

In the first three months of 2020, Japan imported 44.8 million tons of coal, which increased by 3.4% in comparison to 43.3 million tons imported in the first quarter of 2019.

Total nonfarm payroll employment rose by 2.5 million in May, and the unemployment rate declined to 13.3 percent

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