Oil is slated to record its longest run of monthly increases in five years as production disruptions in different countries, including Canada and Nigeria, slash supply.
Canadian output plunged despite wildfires, but companies have continued its operations following the fire eased. Nigerian crude supply hit its lowest in over two decades as militants attacked the country.
Brent for July delivery closed at $49.65 per barrel, down 11 cents, following it gained 0.9% in the last session. But West Texas Intermediate for July settlement ended at $49.48 per barrel, up 15 cents.
The Organization of Petroleum Exporting Countries, meanwhile, is not awaited to seal a deal on capping oil production when it convenes on June 3.
The material has been provided by InstaForex Company – www.instaforex.com