Oil prices rose on Friday, extending the previous session's gains, as major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic while data showed U.S. crude inventories grew less than expected.

Still, prices gave up some of their earlier gains as the month of May began with more of the volatility that made last month one of the most turbulent in the history of oil trading, when U.S. futures briefly crashed into negative territory.

Brent crude for July delivery, which started trading on Friday as the new front-month contract, was up 34 cents, or 1.3%, at $26.82 a barrel by 0318 GMT. Brent rose 12% on Thursday and rose about 11% in April, but the international benchmark has sagged around 60% this year on the coronavirus impact.

U.S. crude for June delivery rose 70 cents, or 3.7%, to $19.54 a barrel, having gained 25% in the previous session. But U.S. oil fell for a fourth month in April and has tumbled 70% this year.

Source : Reuters