10 June 2019 : Brent futures are trading above the $60/bbl support level and on course for three consecutive days of gains, after the Saudi Arabian Energy Minister expressed confidence that OPEC+ producers will prolong their output cuts programme through the second half of 2019.

With Oil prices recently flirting within a bear market, slowing global demand appears to be featuring prominently on the minds of investors, as the fallout from heightened trade tensions continues to be felt on the global economy. The sustainability of Oil’s recent climb could be determined by the outlooks of several key industry bodies scheduled this week, whereby more downcast projections for global demand will be used as a threat to prompt traders to continue chipping away at Oil’s 15 percent year-to-date gains.

Reporting for EasyKobo on Monday , 10 June 2019 in Lagos, Nigeria

Source: Lukman Otunuga, FXTM Research Analyst