Chancellor of the Exchequer Rishi Sunak warned the U.K. is facing a significant recession after a report showed the economy shrank almost 6% in March. The sharp decline is only a small part of the damage of the coronavirus lockdown, which was in place for all of April and is set to endure...

Oil prices rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June to help drain a supply glut built up during the coronavirus crisis. Brent crude LCOc1 advanced 78 cents, or 2.6%, to $30.41 at 1216 GMT, while U.S. West Texas Intermediate...

 Energy giant Saudi Aramco Tuesday reported a 25 percent slump in first-quarter net profits due to low oil prices, saying the coronavirus crisis will dampen demand and full-year earnings. The world's largest listed firm posted a net profit of 62.5 billion riyals ($16.66 billion) in the...

Saudi Arabia has directed national oil company Aramco to cut its crude oil production for June by an extra voluntary amount of 1 million barrels per day, on top of a reduction already committed by the kingdom under the OPEC+ cut deal, a Saudi energy ministry official said Monday. "This...