Oil prices extend rebound on output cuts, still set to end tumultuous week in the red

Oil prices extend rebound on output cuts, still set to end tumultuous week in the red

TOKYO (Reuters) - Oil prices rose on Friday, gaining further ground as some producers like Kuwait said they would move to cut output swiftly to try to counter the evaporation in global demand for fuels caused by the coronavirus pandemic.. But Kuwait's state news agency KUNA said on Thursday the producer will begin cutting supplies to international markets without waiting for the official start of the OPEC+ deal.. Meanwhile Azerbaijan's Azeri-Chirag-Guneshli oil project will have to cut output sharply from May onwards as the oil producer fulfils its commitments under the deal to cut production, four sources told Reuters..