(Bloomberg) — Oil’s rally lost steam even after Saudi Arabia said it would slice production by an extra million barrels a day in June as doubts surfaced over whether the producer will fulfill its pledge.Futures in New York and London erased morning gains that followed Saudi Arabia saying it will pump 7.492 million barrels a day next month, about a million barrels below its official OPEC+ output target. That would be the lowest level since mid-2002, according to data compiled by Bloomberg.“While Saudi is undoubtedly the market’s swing supplier, delivering such a volume turnaround in the space of only a …read more
Source:: Yahoo Finance
