Oil up as countries ease lockdowns, production falls

Oil up as countries ease lockdowns, production falls

Oil prices jumped up Monday as more countries announced they would begin easing lockdowns. Worldwide fuel demand fell by an estimated 30% in April. Weak consumption is expected to overhang the market for months, even as major world oil-producers reduce output as of May 1. Besides, OPEC+ is set to cut output in the second quarter of 2020 to levels not seen in at least 17 years.

Timothy
Timothy
Top in Business
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