Oil prices closed lower after a volatile session Monday, pausing a recent rebound even after Saudi Arabia and other producers said they would deepen supply cuts to support beleaguered energy markets. U.S. crude futures for delivery in June ended the day down 2.4% at $24.14 a barrel. Prices have risen recently with parts of the world lifting lockdown measures and fuel consumption slowly climbing. At the same time, global production cuts are driving bets on long-term supply shortages after the world reopens for business.

Source: Wall Street Journal May 11, 2020 14:03 UTC