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Oil Climbs After OPEC+ Agree Record Output Cut

  •  World
REUTERS/Angus Mordant

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, Reuters reports.

Brent crude LCOc1 futures rose 16 cents, or 0.5%, to $31.64 a barrel by 0709 GMT after opening at a session high of $33.99. U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 37 cents, or 1.6%, to $23.13 a barrel, after hitting a high of $24.74.

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