After oil prices booked in May their worst decline in six months amid fears that trade wars would slow down global economic and oil demand growth, the price of oil rose early on the first trading day of June on Monday after Saudi Arabia moved to assure the market that the Saudis and the larger OPEC+ group would do whatever it takes to bring supply and demand to balance. As of 10:53 a.m. EDT on Monday, WTI Crude was up 0.62 percent at $53.83, while Brent Crude was trading up 0.03 percent at $62.01. Three weeks before OPEC and its allies are set to discuss the fate of their production cut deal, Khalid al-Falih, the energy minister of OPEC’s de facto leader Saudi Arabia, said that there is emerging consensus among OPEC+ that the group remains committed to balance the oil market by drawing down inventories. “And I would […]