By NEW YORK (Reuters) - Oil was up 3% on Monday as more countries announced they would begin easing coronavirus lockdowns and as crude supply cuts by the world’s top producing nations and companies take hold.Worldwide fuel demand fell by an estimated 30% in April largely due to stay-at-home orders, and weak consumption is expected to overhang the crude market for months, even as major world oil-producers reduce output as of May 1. However, analysts have said that swift action by those parties could help reduce the supply glut more quickly.“The market continues to price in the idea that...…By NEW YORK (Reuters) - Oil was up 3% on Monday as more countries announced they would begin easing coronavirus lockdowns and as crude supply cuts by the world’s top producing nations and companies take hold.Worldwide fuel demand fell by an estimated 30% in April largely due to stay-at-home orders, and weak consumption is expected to overhang the crude market for months, even as major world oil-producers reduce output as of May 1. However, analysts have said that swift action by those parties could help reduce the supply glut more quickly.“The market continues to price in the idea that...WW…