Oil steadies above $62 as OPEC cuts counter growth concerns

Oil extends gain on supply cut, weak economy strains outlook

While most members are said to be onboard, Russian Federation is still considering supporting cuts that have been in place since the start of the year and while they recognise the risks of over-production, energy minister Novak said that Russian Federation would look at how events develop through June before committing to a further extension.

Hedge funds have continued to run away from oil as prices tumbled into a bear market, cutting bets on West Texas Intermediate crude to the lowest level in 12 weeks, according to data released Friday.

Front-month Brent crude futures, the global benchmark for oil prices, were at $63.71 at 0017 GMT, 42 cents, or 0.7%, above Friday's close.

All eyes will be on the upcoming The Organization of the Petroleum Exporting Countries (OPEC) meeting during June 25-26, when it decides its output policy for the rest of the year.

-China trade tensions continued to threaten demand for crude and as major producers Saudi Arabia and Russian Federation had yet to agree on extending an output-cutting deal.

Al-Falih said he may have another opportunity this month to discuss the deal with Novak at a G20 meeting in Japan before the gathering with OPEC.

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Yet, Russian energy minister Alexander Novak said there is a still a risk that oil producers pump out too much crude and prices fall sharply.

U.S. President Donald Trump said he was ready to impose another round of punitive tariffs on Chinese imports if he does not reach a trade deal with China's president at a Group of 20 summit later this month.

Supply has also been limited by USA sanctions on oil exports from Venezuela and Iran.

But analysts said there were still concerns about the health of the global economy, with the United States and China locked in a trade war.

China's crude oil imports slipped to around 40.23 million tonnes (9.47 million barrels per day), down from an all-time peak of 43.73 million tonnes in April, customs data showed on Monday, as the world's top importer of the commodity curbed shipments from Iran amid tighter USA sanctions.

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