Oil price could fall to $30 if global deal not extended: Novak

Forecast rules out oil price rally

Forecast rules out oil price rally

Saudi Arabia and Russian Federation, the respective leaders of the OPEC and non-OPEC groups part of the production cut deal, have been allies in oil market management for more than two years now, although the Saudis need oil prices at $85 to balance their budget, while Russian Federation claims that it's fine with the current price of oil at $60-65.

Brent crude futures fell $1, or 1.6%, to settle at $62.29 a barrel.

US West Texas Intermediate (WTI) crude futures were at $54.32 per barrel, 33 cents, or 0.6 percent.

However, traders said concerns about the health of the global economy and the impact on fuel demand were still weighing on oil market sentiment.

China's crude oil imports slipped to around 40.23 million tonnes in May, from an all-time high of 43.73 million tonnes in April, customs data showed, due to a drop in Iranian imports caused by US sanctions and refinery maintenance. Usually, the S&P 500 Index influences oil prices.

Queen's Birthday Honours: Olivia Colman and Bear Grylls honoured
Other appointees include LGBTI people, such as openly gay acclaimed theatre actor Simon Russell Beale, who received a knighthood. Comedian and television presenter Griff Rhys Jones's services to charity and entertainment have been recognised with an OBE.

The Organisation of the Petroleum Exporting Countries (OPEC) and some non-members, including Russian Federation, known collectively as "OPEC+", have withheld supplies since the start of the year to prop up prices.

Barclays bank, in a note, said its economists had revised down their GDP growth outlook for the United States, China, India and Brazil - countries that account for more than three-quarters of their oil demand growth assumptions for this year.

After a meeting with Russia's Energy Minister Alexander Novak, Saudi Arabia's al-Falih said that he was sure that the larger OPEC+ group would roll over the production cuts through the end of this year. On June 10, Russian Deputy Energy minister said to Reuters that the cooperation between Russia and OPEC will continue despite any hindrances.

Falih said he may have another opportunity this month to discuss the deal with Novak at a G20 meeting in Japan before the gathering with OPEC.

After a sharp decline of over 4 percent in the last week of May in crude oil it stabilized and declined by just 0.4 percent to touch $53.28 per barrel. USA crude, gasoline and distillate stocks rose last week, the Energy Information Administration said on Wednesday.

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