Saudi Aramco will cut oil supplies in May by almost 4 million b/d,

Brent was down 19 cents, or 0.7%, at $27.50 a barrel, WTI was up 7 cents, or 0.4%, at $19.94.

Brent fell $1.19, or 4%, to $28.41 a barrel, WTI slid 45 cents, or 2.2%, to $19.66.

The deal calls on OPEC, Russia and nine other allies to cut 9.7 million b/d of crude production in May and June, ramping down to 7.7 million b/d for the second half of 2020, and then 5.8 million b/d for all of 2021 through April 2022.

Brent fell 8 cents, or 0.3%, to $31.66 a barrel, WTI was down 36 cents, or 1.6%, at $22.05

This is Saudi Arabia's second consecutive monthly price cut after it slashed crude prices by $5-$8/b for April loading crude last month.

Brent rose 16 cents, or 0.5%, to $31.64 a barrel, WTI were up 37 cents, or 1.6%, to $23.13 a barrel

effective oil supply cuts by OPEC and its allies, a group known as OPEC+, will amount to 12.5 million barrels per day

OPEC led by Saudi Arabia and its allies led by Russia, which together make up the informal OPEC+ group, had forged a pact to curb crude production by 10 million barrels per day (bpd) or 10% of global supplies in marathon talks on Thursday.

We will use the SPR to store as much oil as possible," US Energy Secretary Dan Brouillette said at a G20 energy summit. "This will take surplus oil off the market at a time when commercial storage is filling up and the market is oversupplied."

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Markets were closed for the Good Friday holiday in major centres. But on Thursday, Brent oil prices LCOc1, which hit an 18-year low last month, were trading around $32 a barrel, half their level at the end of 2019.

Adjust downwards their overall crude oil production by 10.0 mb/d, starting on 1 May 2020, for an initial period of two months that concludes on 30 June 2020. For the subsequent period of 6 months, from 1 July 2020 to 31 December 2020, the total adjustment agreed will be 8.0 mb/d. It will be followed by a 6.0 mb/d adjustment for a period of 16 months, from 1 January 2021 to 30 April 2022.

Under the proposed deal, the 10 million b/d OPEC+ cuts would cover the months of May and June, and then be rolled back to 8 million b/d for the rest of 2020, and then down to 6 million b/d for all of 2021 through April 22,

Brent rose by almost 2.6%, or 87 cents, to $33.71 a barrel, WTI were up 5%, or $1.27 cents, at $26.36 a barrel