Oil prices are flat after OPEC and allies agree to historic production cut

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Silhouette of Permian Basin pumpjacks taken at dusk, north of Midland, Texas, U.S. in late 2019.

Richard Eden | via Getty Images

Oil prices were flat in overnight trading after OPEC and its allies agreed to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history.

U.S. West Texas Intermediate crude fell 0.8% to trade at $22.59 per barrel, while international benchmark Brent crude traded 10 cents higher at $31.58. In a volatile first few minutes of trading WTI jumped

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OPEC and allies finalize record oil production cut after days of discussion

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An OPEC sign hangs outside the OPEC Secretariat in Vienna, Austria, on Nov. 29, 2017.

Akos Stiller | Bloomberg | Getty Images

OPEC and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.7 million barrels per day, following multiple days of discussions and back-and-forth between the world’s largest energy producers.

Sunday’s emergency meeting — the second in four days — came as oil-producing nations scrambled to reach an agreement in an effort to prop up falling prices as the coronavirus outbreak continues to hammer demand.

The group, known as OPEC+, initially proposed cutting production

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