Brent hits one-month high, U.S. oil tops $30 as restrictions ease GlobeBusiness
This translation has been automatically generated and has not been verified for accuracy.Oil prices climbed by more than $1 a barrel on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30 supported by optimism about the re-opening of economies and output cuts by major producers.
Summer weather is enticing much of the world to emerge from coronavirus lockdowns. Shops and restaurants prepared to reopen in Italy on Monday, while other centres of the outbreak such as New York and Spain gradually lifted restrictions. The June WTI contract expires on Tuesday, but there was little indication of it repeating a historic plunge below zero last month on the eve of the May contract’s expiry.
The world’s top exporter Saudi Arabia announced last week that it would cut an additional 1 million barrels per day in June, while OPEC+ wants to maintain existing oil cuts beyond June when the group meets next.
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