Oil resumes rally with prices doubling over last five days

Oil resumes rally with prices doubling over last five days

Russian oil production was down 16% in the first five days of May, Interfax reported, while Plains All American Pipeline LP sees close to 1 million barrels a day of Permian shut-ins in May. Output in North Dakota was down by 450,000 barrels a day, according to state data, though some shale drillers said they may restart output if prices rose above $30 a barrel.. Opec+ began implementing 9.7 million barrels per day of production curbs on May 1, which along with some early signs of demand recovery has helped to ease fears the world will run out of storage space for crude and fuels.. US crude stockpiles rose by 8.44 million barrels last week, the American Petroleum Institute reported, according to people familiar with the data.. Last week, the market took some comfort from the fact that the pace of additions to Cushing storage moderated.".