OPEC and Russia agreed on April 9 to make deep cuts to oil production, ending a weeks-long market-share war that put further pressure on prices already reeling from the biggest demand collapse in history.

But the market reaction was punishing after details of the proposal—which by 9 p.m. in Vienna had not yet been formally agreed by OPEC ministers—emerged.

Global benchmark Brent reversed a near 11% rally to close down 4% at $31.48 a barrel. Traders doubted the cuts would make up for the fall in demand resulting from the coronavirus pandemic and questioned whether non-OPEC producers would contribute.

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