Say good bye to cheap gas prices!
Oil prices have jumped more than $1 a barrel this morning after major producers finally agreed their biggest-ever output cut.
A group known as OPEC+ agreed yesterday to cut output by 9.7 million barrels per day (bpd) to support oil prices– representing about 10 percent of global supply.
However, gains were capped amid concern that it will not be enough to head off oversupply with the coronavirus pandemic decreasing demand.
Worldwide fuel consumption is down roughly 30 percent, due to the outbreak.
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