Oil prices jumped more than $1 a barrel on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand.

After four days of wrangling, the Organization of the Petroleum Exporting Countries (Opec), Russia and other producers, a group known as Opec+, agreed on Sunday to cut output by 9.7-million barrels a day (bpd) in May and June to support oil prices, representing around 10% of global supply...

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