Oil prices gained on Friday as Kuwaiti oil producers said they will slash output to compensate for low demand.
Brent crude rose 2.8%, or 60 cents, at $21.93 per barrel. U.S. oil was up 4%, or 66 cents, at $17.16 per barrel.
As the West Texas Intermediate fell into negative territory and the Brent in a twenty-year low, oil prices are suffering its worst weeks in history.
The global economy will likely drop 5.5%, as forecasted by Capital Economics. This underscored the magnitude of the damage compared to the 0.5% decline during the 2008 financial crisis.
OPEC and its allies including Russia have agreed to cut oil production by 9.7 million bpd, which will begin in May.
However, KUNA, Kuwait s state news agency reported that the producer will begin cutting supplies to international markets before the official start of the agreed cut.
https://www.umarkets.com/en/news/oil-prices-recover-due-to-production-cut-tumultuous-weeks-ahead