Oil rally fizzles as doubts grow over output cut deal
An oil price rally sparked by an international deal to slash production fizzled out Monday, with traders doubtful that the move would provide much support to steady coronavirus-ravaged energy markets.
Both main contracts rose strongly in early Asian trade shortly after the agreement was announced, but slipped back in the afternoon.
US benchmark WTI was up just 1.4 percent at $23.09 a barrel while Brent crude, the international benchmark, fell 0.6 percent to $31.27 a barrel.
OPEC producers dominated by Saudi Arabia and allies led by Russia thrashed out a compromise deal Sunday after Mexico had balked at an earlier agreement struck on Friday.
