Prices pushed higher after swinging wildly in the first few minutes of trading following the deal. Investors are trying try to establish whether the cut will be enough to dent the massive glut that keeps growing as the virus shuts down the global economy. Brent rose about 3% to US$32.50 a barrel.
(Apr 13): The world’s top oil producers pulled off a historic deal to cut global petroleum output by nearly a 10th, putting an end to the devastating price war between Saudi Arabia and Russia.
After a week-long marathon of bilateral calls and video conferences of ministers from the OPEC+ alliance and the Group of 20 nations, an agreement finally emerged to tackle the impact of the pandemic on oil demand.
