Crude prices retreat after sharp rally
Both Brent and WTI erased early gains on news that upcoming Opec+ meeting may be called off
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Anita Gabriel
Singapore
HOPES of deeper and longer output cuts ahead of a meeting by the mighty oil cartel and its allies sent crude into a tizzy but the "come-what-may" rally could taper off if experts are right in predicting that the rise has been too much, too fast.
In Asia's mid-day session, Brent broke past the US$40 a barrel mark and was up 1.7 per cent - more than a two-fold jump from end-April lows amid a pandemic-led demand and supply shock. US crude, West Texas Intermediate (WTI) which has gained more than 150 per cent in May alone, rose 2.4 per cent to US$37.68 a barrel.
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