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Oil Posts First Weekly Gain in a Month on Signs of Supply Easing

  • Exxon and Chevron among companies planning major output curbs
  • U.S. oil rig count drops for the seventh straight week
Gazprom PJSC Oil Operations in Serbia as Oil Bounces After Plunging to $10
Photographer: Oliver Bunic/Bloomberg
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Crude posted its first weekly gain in a month as global production cuts start to lift physical markets.

Futures in New York rose 17% this week. Oil companies have announced major production closures with Chevron Corp. saying it will shut as much as 400,000 barrels of daily output and Exxon Mobil Corp. reporting it will cut rigs in the Permian Basin by 75% by the end of the year. Concho Resources Inc. said it’s curtailing about 4-5% of its production.