Oil surges 13% to 2-month high on hopes of global demand rebound

 

https://markets.businessinsider.com/commodities/news/oil-prices-surge-2-month-high-demand-hopes-supply-cuts-2020-5-1029210450

FILE - In this March 7, 2020 file photo, a man walks past a banner showing Saudi King Salman, right, and his Crown Prince Mohammed bin Salman, outside a mall in Jiddah, Saudi Arabia. Saudi Arabia announced Monday, May 11, 2020, it is tripling taxes on basic goods to 15% and will cut spending on major projects by around $26 billion as it grapples with blows from the coronavirus pandemic and low oil prices on its economy. (AP Photo/Amr Nabil, File)

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