US West Texas Intermediate (WTI) crude was down $0.36, or 1.6%, at $22.05, having dropped 1.5% in the previous session. Additional output cuts by the United States, the world’s biggest producer, and other nations outside the OPEC+ group will take the estimated total reduction to about 19.5 million bpd. “The voluntary OPEC+ cuts are a welcome support to oil prices, but they do not fully offset the loss of demand related to Covid-19, and they still need to be fully implemented in a timely fashion,” BNP Paribas analyst Harry Tchilinguirian told the Reuters Global Oil Forum. Oil prices remain more than 50% down this year. Supporting prices, US shale oil output is expected to register a record monthly drop in April, the US Energy Information Administration (EIA) said on Monday.

Source: The Express Tribune April 14, 2020 10:52 UTC