Production cuts buoy oil even as glut looms over market

Production cuts buoy oil even as glut looms over market

Oil edged lower for the week after paring losses following the dramatic collapse that saw prices in New York plunge below zero for the first time in history.. US operators have started to shut old wells and halt new drilling, actions that could reduce output by 20%.. WTI for June delivery rose to 44 cents to settle at $16.94 a barrel in New York.. Brent added 11 cents to settle at $21.44 a barrel..