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Oil price hits three-month high over hopes for output cuts

Updated : June 03, 2020 08:08 AM IST

Oil rose on Wednesday to a near three-month high amid optimism that major producers will extend production cuts as the world recovers from the coronavirus pandemic.
Brent crude was up 22 cents, or 0.6 percent, at $39.79, by 0003 GMT, the highest since March 6, having gained 3.3 percent on Tuesday.
Both benchmarks have risen sharply in recent weeks from the lows of April, buoyed by a continuing recovery in China

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