Oil steadies as demand uncertainty tempers supply cuts

Financial Post | May 25, 2020 at 1:24 PM
  • Oil prices, which have been driven higher for the past four weeks, were steady on Monday, with holidays in Singapore, London and New York dampening trade, as rising concerns over demand recovery offset supply cuts.
  • Brent was flat at $35.13 a barrel by 1315 GMT, while U.S. oil gained 10 cents, or 0.3% to $33.35 a barrel.
  • Prices are finding support from global supply cuts with the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, now nearly a month into a deal to voluntarily withhold 9.7 million barrel per day of production.