Investor sentiment improves as producers cut back output as promised
An employee works on at the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico. Picture: REUTERS
US West Texas Intermediate crude was up 11c, or 0.4%, at $31.93 a barrel, giving up some of its earlier gains. It rose as high as $33.44 earlier in the session, hitting its highest since March 16. The market was boosted earlier by signs that output cuts agreed by the Organisation of the Petroleum Exporting Countries and others including Russia, a group known as Opec+, are being implemented on the ground.
“At the same time, there is growing optimism that the easing of global lockdowns will help boost economic activity and fuel demand,” he said.
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