Oil prices fluctuated on Monday as the positive impact of major producers agreeing record global output cuts was offset by concerns they will not be sufficient to reduce a glut as the coronavirus pandemic hammers demand.
After four days of wrangling, the Opec+ group of oil producers, comprising the Organisation of the Petroleum Exporting Countries (Opec), Russia and other countries, agreed to cut output by 9.7 million barrels per day (bpd) in May and June, representing about 10 per cent of global supply.
Brent crude futures were up 14 cents, or 0.4 per cent, at $31.62 a barrel by 1108 GMT, after opening at a session high of $33.99. US West Texas Intermediate (WTI) crude futures were up 37 cents at $23.13, having earlier hit $24.74.
