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 (The Organization of the Petroleum Exporting Countries) and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.7 million barrels per day, following multiple days of discussions and back-and-forth between the world’s largest energy producers. The cut is the single largest output cut in history.

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.

Global stocks posted small gains on Thursday on hopes that the coronavirus outbreak may be slowing in the United States and Europe. Oil futures, meanwhile, are rising ahead of a meeting between Russia and OPEC to discuss production cuts.