Oil prices trim losses after Saudi Arabia deepens output cuts

Saudi Arabia will cut production by an additional 1M barrels per day

President Trump connects the rising oil prices to more U.S. jobs.
Saudi Arabia has ordered state-owned oil company Aramco to slash production by an additional 1 million barrels per day to ease a global supply glut that has ravaged prices this year.
The output cut will lower Saudi production by a total of 4.8 million barrels per day from the kingdom’s April level to about 7.5 million barrels per day. Under the OPEC+ agreement, Saudi Arabia agreed to lower production to around 8.5 million barrels per day.
PLUNGING OIL PRICES, CORONAVIRUS FUEL BUDGET CRISIS IN PETROLEUM-RICH ALASKA
Brent crude oil, the international standard, trimmed its losses and was trading down 0.84 percent at $30.71 a barrel while West Texas Texas Intermediate crude oil, the U.S. benchmark, was lower by 0.36 percent at $24.65. The energy components briefly spiked into positive territory in the moments following the announcement.
“The kingdom aims through this additional cut to encourage OPEC+ participants, as well as other producing countries, to comply with the production cuts they have committed to, and to provide additional voluntary cuts, in an effort to support the stability of global oil markets,” a Saudi energy minister said in a statement.
This story is developing. Check back for updates.