Oil prices fell due to concerns about riots in major U.S. cities that could staunch demand after trading higher on optimism that OPEC would extend or enhance production cuts at a meeting in June.
FILE PHOTO: A pump jack on a lease owned by Parsley Energy operates in the Permian Basin near Midland, Texas U.S. August 23, 2018. Picture taken August 23, 2018. REUTERS/Nick Oxford
Cities have responded with curfews and other measures to stem the violence and some retailers that were beginning to ramp up operations after curtailments due to the coronavirus have pulled back in certain locations due to concerns of looting. Still, expectations of OPEC and its allies advancing the timeline for its June meeting lent support to the market, putting a floor in place, analysts said.
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