Oil Prices Spike On Hopes Of OPEC+ Deal Extension

Oil prices rose early on Tuesday as market participants hope that the OPEC+ group may decide in the coming days to roll over for a month or two the current level of production cuts beyond June to support last month’s price rally.   As of 10:33 a.m. EDT on Tuesday, WTI Crude was up 2.26 percent at $36.21 and Brent Crude was closing in on the $40 a barrel threshold, rising 2.37 percent to $39.20.    Despite weak compliance from OPEC in May, as per a Reuters survey, the market bulls pin their hopes on the OPEC+ coalition being…