Oil little changed, but on pace for second straight week of gains

  • Oil prices gained on Friday as more countries began relaxing restrictions put in place to halt the coronavirus pandemic, raising hopes that demand for crude and its products will start to pick up.
  • Brent crude was up 23 cents, or 0.8%, to trade at $29.70 per barrel, having fallen nearly 1% on Thursday. U.S. oil gained 25 cents, or 0.85%, to trade at $29.70 per barrel, after a decline of nearly 2% in the previous session.
  • On the supply side, North American oil companies are cutting production quicker than OPEC officials and industry analysts expected and are on track to withdraw about 1.7 million barrels per day of output by the end of June.

 (Source: CNBC)