Oil posts monthly gains as U.S. reports record output cuts in May - Reuters

Oil posts monthly gains as U.S. reports record output cuts in May - Reuters:

Oil prices rose on Friday and were on track for monthly gains, benefiting from news that U.S. oil output cuts in May were the largest on record.

Brent crude settled up 37 cents, or 0.9%, at $43.31 a barrel.

U.S. crude was up 35 cents, or 0.9%, at $40.27 after dropping 3.3% in the previous session, also off lows not seen since July 10.

Brent crude posted a fourth month of gains and U.S. crude posted a third as both rise from depths hit in April, when much of the world was in lockdown due to the coronavirus pandemic.

U.S. crude oil production plummeted in May, falling a record 2 million barrels per day to 10 million bpd, the U.S. Energy Information Administration said in a monthly report on Friday.