Reuters: Oil prices hit one-month highs on output cuts, demand signs
Oil prices climbed by more than $1 a barrel on Monday, supported by output cuts and signs of gradual demand recovery amid easing coronavirus curbs, with U.S. oil showing no signs of last month's contract expiry price rout.
Brent crude LCOc1 was up $1.06, or 3.3%, at $33.56 a barrel by 0452 GMT, after touching its highest since April 13, Reuters said.
U.S. West Texas Intermediate crude CLc1 was up $1.29, or 4.4%, at $30.72 a barrel, after rising to its highest since March 16.
The June WTI contract expires on Tuesday, but there was little indication of WTI repeating the historic plunge below zero seen last month on the eve of the May contract's expiry amid signs that demand for crude and derived fuels is recovering from its nadir.
Production is also falling as U.S. energy firms cut the number of oil and natural gas rigs operating to an all-time low for a second consecutive week. That partly helped ease concerns about the WTI contract's delivery point in Cushing, Oklahoma, running out of space.