(Bloomberg) — Oil edged higher as signs of a recovery in demand continued to surface following the easing of virus-led lockdowns in some regions, while Saudi Arabia pledged to cut production further.Futures rose 2.6% in New York after falling Monday. Pockets of fuel demand are starting to emerge in India and China, and while a huge glut remains, global stockpile builds are starting to slow. Saudi Arabia announced a surprise move to deepen daily output cuts by another 1 million barrels, which was followed by smaller reductions from OPEC allies the United Arab Emirates and Kuwait.Oil is still down about …read more
Source:: Yahoo Finance
