Oil prices rallied Monday after top producers agreed to slash output and shore up coronavirus-ravaged energy markets, but some analysts were concerned the cuts did not go far enough.
US benchmark West Texas Intermediate was up 7.7 percent at USD 24.52 a barrel in Asian trade while Brent crude, the international benchmark, put on 5 percent to USD 33.08 a barrel.
OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early Friday.
It still required Mexico’s agreement and in a compromise reached Sunday they agreed to a cut of 9.7 million barrels per day from May, according to its Energy Minister Rocio Nahle, down slightly from 10 million barrels per day envisioned earlier.
