Oil price breaches $40 a barrel for first time in three months on Opec cuts
Opec and Opec+ are cutting output by 9.7-million bpd, about 10% of pre-coronavirus global output, in May and June to support prices
03 June 2020 - 13:00
London — Oil rose on Wednesday, topping $40 a barrel for the first time since March, supported by lower US inventories, expectations Opec+ will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis.
Suggesting a supply glut is on the way out, the American Petroleum Institute said on Tuesday US crude inventories fell by 483,000 barrels. The government's official supply report is due out later on Wednesday...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.