Oil mixed as demand worries offset gains from output cut deal - Reuters

Oil mixed as demand worries offset gains from output cut deal - Reuters:

Oil prices were mixed on Monday, as the historic production-cut deal inked by major global oil producers was not enough to assuage existing worries about the demand destruction brought on by the coronavirus pandemic.

Brent LCOc1 futures rose 26 cents, or 0.8%, to settle at $31.74 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 slipped 35 cents, or 1.5%, to settle at $22.41, its lowest since April 1. Earlier in the day WTI was up over 5%.

The Organization of the Petroleum Exporting Countries, along with Russia and other countries - known as OPEC+ - agreed over the weekend to cut output by 9.7 million barrels per day (bpd) in May and June, representing about 10% of global supply.