Oil set for third weekly gain on supply cuts and demand recovery
Oil is heading for a third weekly gain on signs the market is slowly rebalancing as major producers cut supply and consumption recovers after a historic collapse in demand due to the coronavirus.
By Saket Sundria, Bloomberg News
Oil futures in New York are up about 14 percent this week after closing above USD 27 a barrel on Thursday for the first time in over a month. China’s industrial output increased in April for the first time since the outbreak, signaling economic recovery aided by government stimulus efforts. Meanwhile, Saudi Arabia has slashed supply to its customers in the US, Europe and Asia as OPEC and its allies reduce production by almost 10 million barrels a day.
Already a subscriber?Log in here
Read the whole article
Get access for 14 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
With your free trial you get:
Get full access for you and your coworkers
Start a free company trial todayRelated articles
IEA sees spectacular drop in oil output
For subscribers
Oil production now seriously begins to fall
For subscribers
.jpg&w=384&q=75){kind=logo}
