(Bloomberg) — Oil headed for its first weekly gain in a month following early signs that demand might be bottoming out as global production cuts deepen.Futures in New York slipped 0.7% in Asia, after jumping as much as 29% in volatile trading Thursday. The OPEC+ bloc’s output cut of 10 million barrels per day officially starts on Friday, while other producers are also reining back. Royal Dutch Shell Plc said that upstream oil and gas production could fall by as much as a third, while ConocoPhillips said it will cut more than 400,000 barrels a day in June. Norway said …read more
Source:: Yahoo Finance
