OIL rose above $34 a barrel following a prediction from Russia that the market may rebalance as early as next month after historic output cuts from global producers to drain a glut.
Russia, a member of the OPEC+ alliance that has pledged to trim daily supply by almost 10 million barrels a day, expects the market to balance in June or July. Energy Minister Alexander Novak said global curbs have so far exceeded those agreed by the coalition. Futures in New York were 2.7% higher from Friday’s close after there was no settlement Monday due to a holiday.
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