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.

Brent fell 1.18%, or 47 cents, to $39.32 a barrel, WTI slid 1.80%, or 67 cents, to $36.62 a barrel.

Russian Energy Minister Alexander Novak said on Thursday that the global oil market may see a shortage of 3-5 million barrels per day (bpd) in July, depending on the parameters of a deal to be reached by OPEC+ producers,

Brent were up 59 cents, or 1.5%, at $40.16 a barrel, WTI gained 80 cents, or 2.2%, to $37.61.

U.S. shale oil producers signaling they are ready to re-open wells that were shut during the market’s collapse.

Средняя цена на нефть марки Urals в январе-май 2020 года сложилась в размере $ 39,20 за баррель

Companies operating in Brazil pumped 3.738 million b/d of oil equivalent in April

Brent rose 2.5%, or 97 cents, to $39.29 a barrel, WTI climbed 2.5%, or 88 cents, to $36.32 a barrel.

"The presidents addressed world oil market developments in the context of implementing the OPEC+ agreement," the Kremlin said. "It was stated that this multilateral agreement, reached with the active support of the presidents of Russia and the United States, would lead to a gradual restoration of oil demand and price stabilisation."

Russian oil and gas condensate production fell to 39.7 million tonnes (9.39 million barrels per day) in May

The recent rebound in domestic oil and gas consumption may be difficult to sustain over the rest of the year, as recent data for the China's economy suggests an uneven and difficult road to recovery that could weigh on energy demand.

Brent was unchanged at $37.84 per barrel, WTI for July delivery were at $35.53 a barrel

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 7.9 million barrels from the previous week. At 534.4 million barrels, U.S. crude oil inventories are about 13% above the five year average for this time of year.

The UAE, which pumped a record 4.1 million b/d in April, has also pledged to trim an extra 100,000 b/d in June, on top of its OPEC+ commitments,

U.S. Rig Count is down 17 rigs from last week to 301, Canada Rig Count is down 1 rig from last week to 20