Oil posts monthly gains as US reports record output cuts in May
NEW YORK: 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 LCOc1 settled up 37 cents, or 0.9%, at $43.31 a barrel.
US. crude CLc1 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.
