Saudi Arabia, Russia Agree on Big Oil Output Cuts

Saudi Arabia and Russia agreed in principle Thursday on a deal to carry out the biggest organized oil-production cuts in decades, after a month-long feud and a drop in demand due to the coronavirus crisis devastated oil prices.

Prices shot higher ahead of the announcement before abruptly losing momentum and reversing course. The benchmark U.S. crude price, for May delivery, ended 9.3% lower on the day at $22.76 a barrel.