Global crude oil rose 11.17% to US$26.26 per barrel on Wednesday (April 8), and brent increased 5.5% to US$33.64 per barrel after Russia said it’s ready to cut production by 1.6 million barrels as part of a deal between major oil producers. Investors instantly became more optimistic over an OPEC+ agreement on production cuts, but doubts remain as to whether the US will support the deal by curbing its production.
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