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U.S. oil benchmark on track for a more than 18% weekly rise as focus shifts to supply cuts

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Oil futures rose Friday, with the U.S. benchmark on track for a weekly gain as investors turn their attention toward production cuts by major oil producers and demand shows early signs of recovery with business lockdowns globally beginning to be lifted.

“The market focus is increasingly shifting to supply as many OPEC+ members meet or exceed their targets,” said Jason Gammel, analyst at Jefferies, in a note.

Saudi Arabia will cut an extra 1 million barrels a day in June, with the United Arab Emirates and Kuwait also contributing more than their targets, and Russian production is nearing its target as well, he said.

Gammel said the deepest OPEC+ cuts…



Source marketwatch.com

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