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Oil edges up as markets mulls potency of production cuts
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Oil prices tracked higher in Asia, drawing support from the commitment by the biggest producers to curb output even as doubts remain as to whether the cuts will be enough to offset the demand destruction caused by Covid-19.
Oil prices tracked higher in Asia, drawing support from the commitment by the biggest producers to curb output even as doubts remain as to whether the cuts will be enough to offset the demand destruction caused by Covid-19.
Futures in New York rose 1.7%, after easing 1.5% on Monday. The OPEC+ alliance agreement to slash production by 9.7 million barrels a day starting in May amounts to the largest coordinated cut in history, but is still dwarfed by the estimated 20 million barrels a day or greater decline in oil
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