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Oil Climbs Amid Output Cuts and Early Signs of Demand Recovery [Yahoo! Finance News]

CME Group Inc. - Class A (CME) 
Last cme group inc. - class a earnings: 4/29 07:00 am Check Earnings Report
US:NASDAQ Investor Relations: investor.cmegroup.com
) -- Oil advanced for a second day on signs fuel consumption is starting to recover in the world’s biggest economies, while global production cuts also begin to offset the demand destruction caused by the coronavirus.Futures in New York rose around 8% to above $16 a barrel. They surged by more than a fifth of their value on Wednesday as Energy Information Administration data showed a surprise drop in American gasoline stockpiles and a jump in demand. In China, traffic is returning to the streets, supporting a boost in fuel consumption and refinery processing rates.On the supply side, U.S. output will fall by 2 million barrels a day in May compared with March and the price of crude has likely bottomed out, according to the head of trading house Mercuria Energy Group Ltd. Russia also flagged that its production would fall by around a fifth.Despite the indications of a tentative rebound in demand, there’s still a massive global glut of oil that will need to be cleared before there can be Show less Read more
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