Oil prices fell on Friday in Asia despite reports that OPEC ministers decided to cut oil output by 1.5 million barrels per day. The cut is reportedly to be conditional on approval from Russia. The 14-member group added that the group would review this policy at its next meeting on June 9. The news failed to lift oil prices today however, as slumping U.S. equities put pressure on oil markets .Economists are forecasting the figure to rise by 175,000 last month
“The coronavirus economic impact could finally be hitting the U.S. labor market,” said Ed Moya of online trading platform OANDA. “If the strongest part of the U.S. economy starts to weaken, recession concerns will grow quickly.”
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