Demand recovers gradually but steadily, though oversupply caps gains
Oil producers have agreed on a one-month extension through July of a record 9.7-million barrels a day output cut. Picture: REUTERS
US West Texas Intermediate crude futures rose 0.7%, or 26c, to $38.45 a barrel, after dropping by $1.36 on Monday. Tuesday’s gains came as New York, the US city hardest hit by the coronavirus outbreak, began reopening on Monday after about three months, potentially spurring fuel demand. “You have demand recovering gradually but steadily,” said Lachlan Shaw, head of commodity research at National Australia Bank. “However there’s still huge excess supply, so Opec and friends need to control barrels coming into the market.”
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