Oil edges higher on recovery signs while Saudis flag deeper cuts

Oil edged higher as signs of a recovery in demand continued to surface following the easing of virus-led lockdowns in some regions, while Saudi Arabia pledged to cut production further.

Photo: Fayez Nureldine/AFP/Ritzau Scanpix

BY SASKET SUNDRIA & JAMES THORNHILL, BLOOMBERG NEWS

Futures rose 1 percent in New York after falling Monday. Pockets of fuel demand are starting to emerge in India and China, and while a huge glut remains, global stockpile builds are starting to slow. Saudi Arabia announced a surprise move to deependaily output cuts by another 1 million barrels, which was followed by smaller reductions from OPEC allies the United Arab Emirates and Kuwait.

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Oil edges lower after weekly gain while investors weigh recovery
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Oil anchored near USD 24 on lingering concerns about global glut
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