OPEC and Russia agreed on Sunday to a cut in oil production.
The agreement was to reduce output by 9.7 million barrels per day for May and June following pressure from US President Donald Trump to arrest the oil price decline.
Global oil demand is estimated to have fallen by a third as measures to slow the spread of the COVID-19 pandemic drove down demand for fuel.
On the pandemic front, the number of COVID-19 cases in the US passed 554,000 on Sunday while the death toll hit 21,994, now the highest among all countries in the world after passing Italy's on Saturday.
As for Italy, the encouraging trend of recent days continued on Sunday. Deaths from COVID-19 rose by 431, down from 619 the day before and the lowest since 19 March. The number of new cases slowed to 4,092 from a previous 4,694.
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