Oil prices retraced some of their losses in post-settlement trade on Thursday after the Wall Street Journal reported that the OPEC+ alliance will cut 10 million barrels per day of production by June, with Saudi Arabia and Russia contributing more than half of that.
West Texas Intermediate, the New York-traded benchmark for U.S. crude, was down $1.73, or 7%, at $23.36 by 4:09 PM ET (20:09 GMT). WTI had settled at $22.76 earlier, down $2.33, or 9.29%, on the day.
Brent, the London-traded global benchmark for crude, was off 75 cents, or 2.6%, at $32.09. It finished the official trading session at $36.68, down $1.36, or 4.1%.
The Wall Street Journal reported that OPEC delegates agreed to reduce total output by 10 million barrels a day in May and June with Saudi Arabia cutting 3.3 mln barrels and Russia cutting 2 mln barrels.