Oil prices up after output cut

Foreign Desk Report

LONDON: Oil prices edged higher on Monday in a muted response to a global deal on record output cuts amid concerns over whether the pact will head off an oil glut as the coronavirus pandemic hammers demand.
The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries, Russia and other countries, agreed at the weekend to cut output by 9.7 million barrels per day (bpd) in May and June, representing about 10% of global supply.