(Bloomberg) -- Oil surged to the highest in more than five weeks as signs emerge that OPEC and its allies are scaling back crude shipments at a time when consumption is recovering.Futures in New York gained 9% Thursday. OPEC+ reduced exports by 5.96 million barrels a day for the first 14 days of May, according to Petro-Logistics. Meanwhile, Saudi Aramco cut oil sales to the U.S. and Europe by about half. The International Energy Agency said the outlook for global markets is improving with demand a little stronger than expected, while oil major BP Plc said consumption has surged back this week as cars return to the roads.The drop in exports is showing “they are complying with the OPEC+ deal,” said Andrew Lebow, senior partner at Commodity Research Group. The action taken contributed to a “more constructive scenario for the market.”Investors are still focused on the demand trajectory amid concern that...
Tesla's HR is ruffling some feathers, announcing to employees that should they decide to not return to work immediately they could lose unemployment benefits. ...
