The pan-European Stoxx 600 closed up at 0.3%, after alternating between both ends of the flatline. Banks during the early parts of the day. Banking stocks led the day with a 1.8% spike, while the health sector recorded a 0.4% drop. Markets in the U.S. were closed as a result of the Memorial Holiday on June 4th.
This session experienced in Europe is similar to what occurred overnight in the Asia Pacific, where Brent crude futures hiked by over $76 as we approach a meeting of OPEC with its allies.
The said group, called OPEC+, held a meeting last week where disagreements erupted over issues regarding an extension of the production cuts, a move which the UAE opposed.
Another meeting was scheduled for Monday but had to be postponed indefinitely for the foreseeable future. The postponement means that the current production quotas still apply.
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