A rising currency wiped out a solid surge following an attack on a major Saudi Arabian export crude terminal
Futures in New York traded near $55 a barrel after jumping almost 5 per cent over the previous two sessions
The price of Brent crude is still below what most of the region’s economies need to balance their budgets
The kingdom’s pledge comes amid more stay-at-home orders and travel restrictions to rein in a surge of infections
More than 40 countries are restricting flights and effectively isolating the UK
Prices have remain unaltered for the ninth straight month
While crude has now doubled from its low in mid-April, the path back to pre-virus levels of oil demand still looks uncertain
There’s still a risk, however, that oil’s recovery could be derailed if the pandemic worsens
Saudi Arabia aims to pump just under 7.5 million barrels a day in June, compared with an official target of about 8.5 million a day
Prices for benchmark Brent crude have slumped 52 per cent this year, falling far below levels that most governments in the region need to balance their budgets
Kuwait’s oil minister said on Sunday OPEC was unlikely to cut production to support prices.
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