Oil edged higher after swinging wildly in early trading as investors weighed whether an historic deal by the world’s biggest producers to cut output would be enough to steady a market pummeled by the coronavirus.
Futures in London rose around 2% to above $32 /bbl after the OPEC+ alliance agreed to a plan to slash production by 9.7-million barrels a day starting in May, ending a price war between Saudi Arabia and Russia. The group reached a deal following days of intense negotiations after Mexico declined to endorse the original agreement reached Thursday.