Oil prices climbed Tuesday, a sign that production cutbacks and easing pressure on storage facilities are lifting traders’ hopes for battered energy markets. U.S. crude futures for June delivery closed up 6.8% at $25.78 a barrel after Saudi Arabia said Monday it planned to cut June oil production by an additional 1 million barrels a day to 7.5 million—the lowest level since 2002. More heavily traded U.S. oil futures for July delivery rose 5% to $26.33 a barrel.

Source: Wall Street Journal May 12, 2020 15:13 UTC