LONDON: Oil rose on Thursday, spurred by rising tensions in the Middle East, output cuts by producing nations to tackle oversupply and the promise of more government stimulus to ease the economic pain of the new coronavirus pandemic.
The rally on Thursday followed an announcement from President Donald Trump he had instructed the U.S. Navy to fire on any Iranian ships that harass it in the Gulf, although he added later he was not changing the military's rules of engagement."This ratchets up tensions once again between the U.S. and Iran.
In addition to a record output cut agreement, effective from May 1, by the Organization of the Petroleum Exporting Countries and allies, a grouping known as OPEC+, producers are pledging further reductions. Data on Wednesday showed U.S. crude inventories rose by 15 million barrels in the week to April 17 to 518.6 million barrels, putting them within striking distance of an all-time record of 535 million barrels set in 2017.
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