Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices, Trend reports with reference to Reuters.

Oil futures dropped on Wednesday, extending losses from the previous day, after U.S. crude stockpiles grew more than expected, adding to worries about oversupply.

Oil prices slid on Monday as concern grew that a record rise in coronavirus infections worldwide could stall a recovery in fuel demand, outweighing tighter supplies from major producers, Trend reports with reference to Reuters.

Based on the results of May, it is possible to say that economy’s recovery under the COVID-19 conditions is already underway due to the rising oil prices, expert Ilham Shaban said in an interview with Azernews on June 9.

Mexico’s government on Saturday restated its commitment to an April deal between oil producers in which the country pledged to make only limited reductions to crude output, suggesting it was not going along with plans to extend global cuts, Trend reports citing Reuters.

Iraq has renewed its full commitment to the oil production adjustments decisions reached in April 2020 by OPEC+, Trend reports citing OPEC’s website.

Azerbaijan has supported the extension of OPEC+ deal by the end of July, Trend reports citing the country’s energy ministry.

Azerbaijan’s Minister of Energy Parviz Shahbazov will participate in the meeting of the ministers of OPEC+ countries, Trend reports citing the Azerbaijani Energy Ministry.

OPEC+ has encouraging signs of rising conformity, said Mohammad Sanusi Barkindo, OPEC Secretary General, at the 7th Technical Meeting of OPEC and non-OPEC Countries under the DoC, 4 June 2020, via videoconference, Trend reports.

Oil prices edged down on Monday as traders took profits, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June, Trend reports with reference to Reuters.