Oil prices and U.S. stock futures dipped in early Monday trade as a landmark agreement by OPEC and its allies to slash output by a record amount failed to give investors any cause for lasting optimism about the economic outlook.
U.S. crude futures dropped to US$22.67 per barrel, down 0.4per cent as they quickly erased earlier gains to hit the lowest level since April 2.A group of oil producing countries known as OPEC+, which includes Russia, said it had agreed to reduce output by 9.7 million barrels per day for May-June, after four days of marathon talks.
That includes contributions from non-members, steeper voluntary cuts by some OPEC+ members and strategic purchases by the world's largest consumers, sources said.
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