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On May 5, futures in New York rose for a fifth day as OPEC+ producers drastically decreased oil outputs per the commitment to remove 9.7 million barrels per day. The impact of production cuts is indicating that the oil surplus is beginning to ease.

Oil Climbs As Outputs Are Cut

On May 5, futures in New York rose for a fifth day as OPEC+ producers drastically decreased oil outputs per the commitment to remove 9.7 million barrels per day. The impact of production cuts is indicating that the oil surplus is beginning to ease.

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