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.

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