OPEC & Russia Come To Agreement, Oil Prices Rise – 13 April, 2020

Oil prices were up this week as OPEC and Russia came to an agreement over the future of oil production. OPEC+ has agreed to cut production by 9.7 million barrels per day, an estimated 10% of global supply. The decision helped oil prices climb, with Brent futures gaining 53 cents or 1.7% to $32.27 per barrel. U.S. West Texas Intermediate crude rose 32 cents or 1.4% to $22.73 per barrel. The U.S., the worlds largest oil producer, has agreed along with some other countries to cut output by roughly 19.5 million barrels per day, though experts warn the cuts are not enough to make up for the damages caused by the spread of Covid-19. Oil prices have been down over 50% this year, largely affected by travel restrictions placed across the world in an effort to curb the spread of the virus.