Oil prices steady as OPEC+ begins record cuts

0 57

Oil prices were largely steady in volatile trade on Friday as OPEC and its allies embark on record output cuts to tackle a supply glut due to the coronavirus crisis but gains were limited as investors awaited signs of a prolonged recovery in demand.

The global oil benchmark, Brent crude, has fallen about 60% in 2020 and hit a near-21-year low last month as the pandemic squeezed demand and OPEC and other producers pumped at will before reaching the new supply deal that kicked in on Friday.

You might also like