Oil Rally Gains Steam After U.S. Lowers Production Forecast — A man paddles a boat as a Petroleo Brasileiro SA (Petrobras) oil rig stands under construction beyond gantry cranes at the Verolme shipyard near Angra dos Reis, Brazil. (Photographer: Dado Galdieri/Bloomberg)

Oil Rally Gains Steam After U.S. Lowers Production Forecast

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May 12 2020, 3:57 AMMay 12 2020, 10:47 PMMay 12 2020, 3:57 AMMay 12 2020, 10:47 PM

(Bloomberg) -- Oil extended its rally after the U.S. government lowered its output forecast for the year.