Oil prices climb as producers begin massive output cuts and governments start easing lockdowns that hammered demand for months
Oil prices jumped on Friday, extending the previous session’s gains, buoyed by a lower-than-expected gain in US crude inventories and the start of output cuts in a bid to offset a slump in fuel demand triggered by the coronavirus pandemic.
US crude CLc1 for June delivery climbed $1.37, or 7.3 percent, to $20.21 a barrel, having gained 25 percent in the previous session. The other significant support factor on Friday was the official start of output cuts agreed between the Organization of the Petroleum Exporting Countries and other major producers like Russia – a grouping known as OPEC+ – to counter sliding demand.
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