Oil rose above $30 a barrel for the first time in two months as producers in the U.S. and elsewhere continued to cut activity, helping to rebalance a market that was thrown into disarray by coronavirus lockdowns.
Futures in New York climbed around 4% after almost doubling in a run of three weekly advances. The number of drilling rigs in the U.S. fell for a ninth week to levels not seen in more than a decade, while stockpiles at the key storage hub in Cushing, Oklahoma, shrank for the first time since late February. Iraq said it planned to halt output from one of its oil fields due to protests.