Opec and Russia agreed on Thursday to make deep cuts to oil production, ending a weeks-long market-share war that put further pressure on prices already reeling from the biggest demand collapse in history.
But the market reaction was punishing after details of the proposal — which by 9pm in Vienna had not yet been formally agreed by Opec ministers — emerged.
Global benchmark Brent reversed a near 11 per cent rally to close down 4 per cent at $31.48 a barrel. Traders doubted the cuts would make up for the fall in demand resulting from the coronavirus pandemic and questioned whether non-Opec producers would contribute.
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