Oil Soars as OPEC Cuts, Demand Optimism Points to Recovery
- OPEC+ reduced exports by more than 5 million barrels early May
- WTI crude futures climbed to highest in more than five weeks
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Oil surged to the highest in more than five weeks as signs emerge that OPEC and its allies are scaling back crude shipments at a time when consumption is recovering.
Futures in New York gained 9% Thursday. OPEC+ reduced exports by 5.96 million barrels a day for the first 14 days of May, according to Petro-Logistics. Meanwhile, Saudi Aramco cut oil sales to the U.S. and Europe by about half. The International Energy Agency said the outlook for global markets is improving with demand a little stronger than expected, while oil major BP Plc said consumption has surged back this week as cars return to the roads.