Futures in London rose as much as 8% Oil edged higher after swinging wildly in early trading as investors weighed whether an historic deal by the world’s biggest producers to cut output would be enough to steady a market pummeled by the coronavirus.
Futures in London rose as much as 8% but quickly erased those gains as markets opened following a three-day break. The OPEC+ alliance agreed to a plan to slash production by 9.7 million barrels a day starting in May, ending a price war between Saudi Arabia and Russia.
The producer group reached a deal following days of intense negotiations after Mexico declined to endorse the original agreement reached Thursday.