International benchmark Brent crude is at $36.30 per barrel at 0625 GMT on Tuesday after closing at $35.53 per barrel on Monday, and American benchmark West Texas Intermediate (WTI) is trading at at $34.49 a barrel at the same time on Tuesday.
Due to the widespread coronavirus (COVID-19) pandemic around the world, strict quarantine measures are still in place in many countries, keeping oil consumption low while weak oil demand continues to keep downward pressure on prices.
However, it is yet unknown whether this production cut will be enough to trim the global supply glut.
If quarantine measures against COVID-19 in global scale start to soften at the beginning of June, crude demand will increase to push prices higher.
(Anadolu Agency, May 26, 2020)