Producers across the world, from Russia to the US, are slashing production in a bid to stave off the effects of falling demand. Picture: 123RF / PIXNOO
US West Texas Intermediate futures were up 28 cents, or more than 2%, at $14.06 a barrel, having risen around a fifth in the previous session. US crude futures fell to below minus $40 on Monday on concerns that buyers were running out of storage space to take deliveries. Loadings of Russia’s Urals crude grade from the Baltic Sea in the first 10 days of May are set to be 36% lower than the same period in April, indicating the country is complying with the cuts.
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