An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia.
Simon Dawson | Bloomberg | Getty Images
Oil prices rose on Friday and finished the month higher, benefiting from news that U.S. oil output cuts in May were the largest on record.
Brent crude was up 24 cents, or 0.7%, at $43.18 a barrel. On Thursday, Brent closed 1.9% down after touching its lowest level since July 10.
West Texas Intermediate crude futures gained 35 cents, or 0.88%, to settle at $40.27 per barrel, after dropping 3.3% in the previous session.
Brent is on track for a fourth month of gains and U.S. crude is heading for a third as both rise from depths hit in April, when much of the world was in lockdown due to the coronavirus pandemic.
U.S. crude oil production plummeted in May, falling a record 2 million barrels per day to 10 million bpd, the U.S. Energy Information Administration said in a monthly report on Friday.
“After a bad day for…