US West Texas Intermediate crude futures were up 1%, or 24 cents, at $24.38 after touching a high of $24.77. Saudi Arabia said overnight it would cut production by a further 1 million barrels per day (bpd) in June, slashing its total production to 7.5 million bpd, down nearly 40% from April. The United Arab Emirates and Kuwait also committed to cut production further, promising to cut another 180,000 bpd altogether. Inventory data this week will be key to extending the recent rally in oil prices, AxiCorp’s Innes said. Meanwhile six analysts polled estimated that gasoline stockpiles fell by 2.3 million barrels, down for a third straight week.

Source: bd News24 May 12, 2020 00:45 UTC