Oil jumps as Opec, Russia agree to end price war in a record deal

The meeting between Opec producers and allies was held on Sunday via videoconference in a last effort to establish a deal

Opec producers and allies in a record oil deal on Sunday agreed to slash global output by 9.7 million barrel to shore up energy markets, which are battered by the ongoing coronavirus pandemic and oil price war between Saudi Arabia and Russia.

Following the decision, oil prices jumped over three per cent on Monday, which was downhill since the beginning of the year due to the Covid-19 pandemic.

US benchmark West Texas Intermediate was up 3.7 per cent at $23.62 a barrel in early Asian trade while Brent crude, the international benchmark, put on 3.1 per cent to $32.45 a