Oil prices turn negative after early gains on record output cut [Reuters]
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Source: Reuters
Oil prices turn negative after early gains on record output cut LONDON (Reuters) - Oil prices turned negative on Monday, erasing gains made after major producers agreed record global output cuts, pressured by concerns that the cuts will not be sufficient to head off oversupply as the coronavirus pandemic hammers demand. After four days of wrangling, the OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries, Russia and other countries, agreed to cut output by 9.7 million barrels per day (bpd) in May and June, representing about 10% of global supply. Brent crude LCOc1 futures were down 52 cents, or 1.7%, at $30.96 a barrel by 0810 GMT after opening at a session high of $33.99. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 12 cents, or 0.5%, to $22.64 but was oscillating in and out of positive territory. “What this deal does is enable the global oil industry and national economies and other industries that depend upon it to avoid a ve
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