Oil extends gains on output cuts, US-Iran tensions | The Malaysian Insight

Oil extends gains on output cuts, US-Iran tensions

Oil prices are rising after being hit hard as demand is at a low due to lockdowns and travel restrictions. – AFP file pic, April 24, 2020.

OIL today extended gains in Asian trade on signs that producers are already cutting output and rising US-Iran tensions, recovering from unprecedented lows triggered by the coronavirus pandemic. US benchmark West Texas Intermediate for June delivery was up 4.61% to US$17.26 a barrel in early trade, after settling 20% higher in New York overnight.

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