Oil hits three-month high over hopes for output cuts

Oil hits three-month high over hopes for output cuts

TOKYO (Reuters) - 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.. The Organization of the Petroleum Exporting Countries and others including Russia may extend production cuts of 9.7 million barrels per day (bpd), or about 10% of global output, into July or August, sources told Reuters.. Oil is likely to end up in "a small deficit later this year, which should provide some additional support to prices," it added..