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Oil jumps more than 3% as faith in supply cuts grows


Wednesday, 27 May 2020 01:49 WIB

Minyak WTIMinyak jenis Brent


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Oil prices rose on Tuesday, supported by growing confidence that producers are following through on commitments to cut supplies and as fuel demand picks up with coronavirus restrictions easing.

Brent crude futures were up 2 cents at $35.55 a barrel. West Texas Intermediate (WTI) crude futures gained $1.10, or 3.3%, to settle at $34.35 per barrel.

The Organization of the Petroleum Exporting Countries and other leading oil producers including Russia, a group known as OPEC+, agreed last month to cut their combined output by almost 10 million barrels per day in May-June to shore up prices and demand, which has been hit by the coronavirus pandemic.

Source: Reuters


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