(13 Apr 2020) FOR CLEAN VERSION SEE STORY NUMBER: apus134170
Oil prices rose 1% following the decision by OPEC and other oil producers over the weekend to cut production by nearly 10 million barrels a day, or a tenth of global supply, beginning May 1.
Analysts said the cuts were not enough to make up for the void in demand due to business and travel shutdowns due to the coronavirus. But the deal at least helped resolve a price war that took U.S. crude to near $20 per barrel, pummeling U.S. oil and gas producers.
U.S. benchmark crude initially jumped more than $1 but then lost ground. It was up 20 cents to $22.96 a barrel. It fell $2.33, or 9.3%, to $22.76 a barrel on Thursday, before the Good Friday holiday.
Brent, the international standard, rose 53 cents to $32.01 a barrel.
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