The 13-member Opec and other oil-producing nations namely Russia and Mexico decided to extend output cuts by a month to the end of July.

OPEC meeting and oil price: OPEC and Russia reached a tentative agreement Thursday evening for the deepest global cut ever in oil production by 10 million barrels a day - 10 percent from normal production levels - for May and June. Possible further trims could come from a meeting of the Group of 20 nations on Friday.