LONDON - Oil prices fluctuated on Monday as the positive impact of major producers agreeing record global output cuts was offset by concerns they will not be sufficient to reduce a glut as the coronav
irus pandemic hammers demand.
US President Donald Trump praised the oil supply deal, the possibility of which he had first touted on April 2. Meanwhile, analysts cast doubts on producers' likely compliance with the production cuts, not least since Mexico got off with smaller cuts than initially demanded. Even factoring in full compliance, demand weakness concerns still capped oil price gains.
"Still, due to the stock build that April will have accumulated by then, prices will not recover this year to pre-COVID-19 levels." Outside of OPEC+, Canada has signalled a willingness to cut and Norway said it would decide about its cut "in the near future".
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