⁍ Early in the day crude was boosted by a bullish stock market.
⁍ Even as equities whipsawed on pandemic worries, oil stayed higher.
⁍ OPEC cut its oil demand forecast on Tuesday, citing economic dislocations caused by the virus.
– The Organization of the Petroleum Exporting Countries and its allies are on track to meet their agreed-upon cut in oil production this month, sources tell Reuters, even though the International Energy Agency yesterday cut its global oil demand forecast for this year and next. OPEC and its allies intend to cut their production by about 1 million barrels a day, while non- OPEC countries intend to cut their production by the same amount, according to sources who spoke on condition of anonymity. “There is a risk that the demand recovery is stalled by the recent increase in COVID-19 cases in many countries,” the IEA said, citing economic dislocations caused by the virus.
Source: https://www.reuters.com/article/us-global-oil/oil-rises-2-as-opec-complies-with-production-cuts-idUSKBN26Z052