(Bloomberg) — Oil surged as major producers continued to signal output cuts to counter the unprecedented global glut and as the stock market rose on hopes for a drug to fight the coronavirus.Futures rose by as much as 29% in New York to over $15. Russian oil companies will cut output by about 19% from February levels, the nation’s Energy Minister, Alexander Novak told the Interfax news agency. Nigeria, which has been struggling to sell its oil even at $10 a barrel, will ship the lowest volume of its key Qua Iboe crude grade since 2016 in May and June.“You …read more
Source:: Yahoo Finance
