Oil climbs after OPEC+ agree record output cut [Reuters]
IHS Markit Ltd. Common Shares (INFO)
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Source: Reuters
Oil climbs more than 4% as OPEC+ agree record output cut SINGAPORE (Reuters) - Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand. After four days of wrangling, the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, agreed on Sunday to cut output by 9.7 million barrels per day (bpd) in May and June to support oil prices, representing around 10% of global supply. Brent crude LCOc1 futures rose $1.29, or 4.1%, to $32.77 a barrel by 0519 GMT after opening at a session high of $33.99. U.S. West Texas Intermediate (WTI) crude CLc1 futures were up $1.01, or 4.4%, to $23.77 a barrel, after hitting a high of $24.74. “What this deal does is enable the global oil industry and the national economies and other industries that depend upon it to av
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