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.

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

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

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.

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

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."