Oil gains after Saudi Arabia says it will cut production further to boost prices
. Now, Saudi Arabia's June production level will be roughly 7.5 million barrels per day, about 4.8 million barrels per day lower than April output. An investor who oversees $300 billion at T. Rowe Price says stocks are in a 'pseudo-bullish rally' — and shares 4 tips for making money during the slow recovery ahead
The Ministry also directed Aramco to lower its current production numbers for the month of May from the current target level of 8.5 million barrels a day, according to a press statement. The oil market has been roiled by the coronavirus pandemic as sweeping shutdowns and bans on nonessential travel have cratered demand for the commodity.
While there are signs that demand may rebound as economies start to reopen, there are still concerns about oil storage weighing on prices.
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