Global oil markets received the price war truce they had long sought, but hopes for a significant and sustained rebound in prices are still likely misplaced.  OPEC+, the group of oil producers led by Russia and Saudi Arabia, respectively the world’s second and third largest crude producers and top two exporters, reached a tentative agreement to trim oil production by 10 million barrels per day (bpd) to help ease the economic impact of the coronavirus crisis on global demand.

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