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An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

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rdf:type	schema:NewsArticle
schema:articleBody	An oil price rally sparked by an international deal to slash production fizzled out Monday, with traders doubtful that the move would provide much support to steady coronavirus-ravaged energy markets. Both main contracts rose strongly in early Asian trade shortly after the agreement was announced, but slipped back in the afternoon. US benchmark WTI was up just 1.4 percent at $23.09 a barrel while Brent crude, the international benchmark, fell 0.6 percent to $31.27 a barrel. OPEC producers dominated by Saudi Arabia and allies led by Russia thrashed out a compromise deal Sunday after Mexico had balked at an earlier agreement struck on Friday. The videoconference summit agreed to a cut of 9.7 million barrels per day from May, according to Mexican Energy Minister Rocio Nahle, down slightly from the 10 million barrel reduction envisioned earlier. OPEC Secretary General Mohammad Barkindo called the cuts "historic" -- and the agreement marked an end to a bitter price war between Riyadh and Moscow. Oil markets have been in turmoil for weeks as lockdowns and travel restrictions imposed to combat the virus outbreak batter demand, while the Saudi-Russian row compounded the crisis. But analysts were left disappointed at a cut that will go nowhere near to making up for the expected demand loss due to the pandemic, forecast at anywhere between 15 and 30 million barrels a day. Storage tanks worldwide are also rapidly filling up. "The deal is a little less than the market expected," Andy Lipow, president of Lipow Oil Associates LLC in Houston, told Bloomberg News. "The hard work lies ahead given that the market is very sceptical that OPEC+ are actually going to be able to come up with their near 10 million barrels a day of production cuts." AxiCorp's Stephen Innes added: "There remain concerns the agreement could be a day late and a 'barrel short' to prevent a decline in prices in the coming weeks as storage capacity brims." sr/axn
schema:headline	Oil rally fizzles as doubts grow over output cut deal
schema:mentions	Videotelephony OPEC Riyadh Bloomberg L.P. Protest World energy consumption Barrel Asia Houston Moscow Saudi Arabia Mexico Russia Pandemic Virus Baseball rules Andy Dwyer Price war Brent Crude Mark Roebuck AXN West Texas Intermediate
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-04-13 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	69 (xsd:integer)

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