Oil Prices Climb as Supply Cuts Grow and Demand Increases

On May 26, oil prices started rising as producers are following through on commitments to cut supplies and as demand increases with coronavirus restrictions easing. Brent reached $35.55 while WTI was traded at $33.77 per barrel. According to the Russian Energy Minister Alexander Novak, the increase in demand should help cut an oil surplus of 7 to 12 million barrels per day by June.

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