Oil was anchored near $25 a barrel as investors weighed cuts to supply by major producers such as Saudi Arabia against lingering concerns over the pace of recovery from virus-led demand destruction.
By Saket Sundria
and James Thornhill
May 14, 2020, 1:14 AM GMT+3 Updated on May 14, 2020, 7:56 AM GMT+3
Saudi Aramco reduced contractual supplies to at least 12 customers in Asia for June, according to traders notified by the company, as OPEC and its allies cut daily output by almost 10 million barrels. While there are early signs of a recovery in the U.S. energy sector, the Federal Reserve said the threat of a lasting downturn could deepen without additional government spending.