Doubts remain whether reductions will be enough to stabilise rapidly falling markets
Oil surrendered gains after rising in early trading as investors weighed whether an unprecedented deal by the world’s biggest producers to cut output would suffice to steady a market reeling from the coronavirus.
Saudi Aramco reduced pricing for all its grades to Asia, signalling the state company’s intention to defend sales in its biggest market even while paring output. West Texas Intermediate for May delivery was up 11c, almost unchanged at $22.87 a barrel on the New York Mercantile Exchange, after dropping almost 20% last week.
The voluntary reductions by Opec+ would lead to an actual production cut of 4.3-million barrels a day from first-quarter levels, assuming full compliance by core-Opec and 50% by other participants in May, Goldman said in a note. The bank sees demand losses in April and May averaging 19-million barrels a day.
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