Most investors, it seemed, were indifferent about the OPEC+ update - or maybe they just saw oil major BP's announcement that it would cut 15% of its workers by the end of this year as a damning indictment of where the oil price might go next.
Crude prices fell back on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include additional voluntary cuts by the kingdom and its Gulf allies the United Arab Emirates (UAE) and Kuwait.
Worldwide benchmark Brent broke past $43 per barrel for the first time since early March on Monday after major crude exporters chose to keep record production curbs in place until the end of July.
The cuts represent roughly 10 percent of global oil production.
"The only potential Achilles heel, in what seemingly is an expected extension of current deep cuts through July, is the caveat of sub-compliant members requirement to compensate for lack of compliance", Bjornar Tonhaugen, head of oil markets at Rystad Energy, said in a note.
As for the OPEC+ pact, de facto OPEC leader Saudi Arabia has called on participants to ensure they comply with their promised cuts.
"When you have Brent approaching $40, it is a good sign", one OPEC delegate said.
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Oil looked set for its sixth weekly gain after OPEC+ reached a tentative agreement to extend record production cuts. The S&P 500 is now within 8.1% of its record set in February after earlier being down almost 34%.
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That means the cartel's total supply reduction this month of nearly 11 million barrels a day will taper gradually in the coming months.
Libya's supply could also rise soon as two major oilfields have reopened after months of a blockade that shut off most of the country's production.
"It would be too good to be true to have a total of almost 11 million bpd in voluntary cuts extended for a month at times when we see supply deficits". Following the meeting, OPEC's largest producer sharply hiked its official selling prices.
In the USA, the oil rig count has declined for the twelfth consecutive week, according to the latest data released by oilfield services company Baker Hughes on Saturday. Offshore drillers idled about a third of oil production, amounting to about 636,000 barrels of daily output, due to the storm, according to the Bureau of Safety and Environmental Enforcement.
Crude oil is paring some of the gains made over the last 6 weeks to start the second week of June, dragging down oil ETFs, as oil futures approach technical levels and investors look to take profits off the strong return from the negative prices in April.
"OPEC+ faces a Catch-22 situation, " he said.
"These adjustments are in the interest of oil market stability", it added.