HONG KONG, May 1 — Oil prices rallied today as massive output cuts began to kick in and top producers said they would turn the taps lower, while there were also hopes for a pick-up in demand as economies slowly reopen. After a diabolical month for the commodity in which the May WTI contract fell...
Output cuts of 10 million barrels a day agreed by Opec and other top producers will start today, though some countries had already started earlier this week. — Reuters pic
In early trade, US benchmark WTI for June was up almost five per cent at US$19.75, having piled on 25 per cent in each of the previous two days. The uptick has also been sustained by governments beginning to ease lockdown restrictions that have hammered oil demand for months. Optimism has also been boosted by news of successful early testing of a possible virus treatment in the United States.
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