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Oil Gains as U.S. Shale Production Set to Fall Sharply


Tuesday, 14 April 2020 08:52 WIB

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Oil prices rose on Tuesday after a U.S. agency said shale output in the world's biggest crude producer would fall by the most on record in April, adding to cuts from other major producers.

Brent (LCOc1) futures rose 56 cents, or 1.8%, to $32.30 a barrel by 00:17 GMT after settling 0.8% higher on Monday. U.S. West Texas Intermediate (WTI) crude (CLc1) was up 47 cents, or 2.1%, at $22.88, having dropped 1.5% the previous session.

The Organization of the Petroleum Exporting Countries, along with Russia and other producing countries - known as OPEC+ - agreed over Easter to cut output by 9.7 million barrels per day (bpd) in May and June, equal to about 10% of global supply before the viral outbreak.

With other producers, including the world's biggest, the United States, reducing output as well, the estimated reduction in production is about 19.5 million bpd.

Source : Reuters


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