Oil Production Cuts Help Extend Rebound – 23 April, 2020

Oil prices rebounded as some producers vowed to cut production to counter the drop in global demand caused by the coronavirus pandemic. U.S. oil was up 66 cents or 4% to $17.16 per barrel, after rising 20% the previous session. International benchmark Brent crude rose 60 cents or 2.8% to $21.93 per dollar after a 5% climb the previous session. OPEC+ countries agreed to cut global production by 9.7 million barrels per day starting in May, while Kuwait has stated they will be making cuts ahead of OPEC’s plan and Azeri-Chirag-Guneshli of Azerbaijan will make sharp cuts from May onwards.