Oil prices rose on Tuesday after a U.S. agency said shale output in the world's biggest crude producer would fall by the most on record in April, adding to cuts from other major producers.
TOKYO - Oil prices rose on Tuesday after a U.S. agency said shale output in the world’s biggest crude producer would fall by the most on record in April, adding to cuts from other major producers.
The Organization of the Petroleum Exporting Countries, along with Russia and other producing countries - known as OPEC+ - agreed over Easter to cut output by 9.7 million barrels per day in May and June, equal to about 10% of global supply before the viral outbreak. Inventories are expected to fill up fast even as some countries among the G20 agreed to buy oil for their national reserves.
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