Saudi energy minister: Cuts in output are designed to expedite rebalancing

Saudi energy minister speaking

• additional cuts and Saudi oil output in June are designed to expedite rebalancing oil market
• sees signs of the man picking up as several countries ease restrictions on movement lockdowns
• kingdoms deeper cuts are voluntary, encourages other oil producers to do the same
• more than surprised if by time OPEC+'s meets next in the June, the picture may not be more brighter

The price of the BTI crude oil are trading at $24.50 down $0.24 or -0.97%. The July contract is trading down $0.56 or -2.14% a $25.61. Brent crude is trading down $1.02 or -3.29% at $29.95