# Oil rises again as output cuts kick in, inventories grow less than expected | BOE Report

> Oil rose on May 1 as major producers began output cuts to offset the pandemic demand slump, and U.S. crude inventories grew less than expected. WTI for June delivery gained 3.7% to $19.54, and Brent for July rose 1.3% to $26.82. Rystad Energy estimated the supply-demand imbalance would be halved in May and fall further in June.

- Date: 2020-05-01 · published 2020-05-01T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/53312-oil-rises-again-as-output-cuts-kick-in-inventories-grow-less-than-expected-boe
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Output cuts and smaller inventory builds support crude prices, which influence diesel and freight costs for feed buyers, though storage constraints still weigh on the outlook.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- boereport.com: https://boereport.com/2020/05/01/oil-rises-again-as-output-cuts-kick-in-inventories-grow-less-than-expected/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.