Oil futures traded lower Thursday, giving up earlier gains, as news reports said Saudi Arabia and Russia have reached a preliminary deal to cut crude production. Some news reports say that the Saudis and Russians each agreed to limit their production to 8.5 million barrels a day each from May through June. Other reports say the Organization of the Petroleum Exporting Countries and their allies, collectively known as OPEC+, have agreed to a 10 million barrel-per-day cut. Virtual discussions among OPEC+ continue. Ahead of the day's settlement, May West Texas Intermediate crude /zigman2/quotes/209724760/delayed CLK20 -8.67% was down $1.44, or 5.7%, at $23.65 a barrel after an earlier high of $28.36. June Brent crude fell 99 cents, or 3%, to $31.85.
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Oil prices settle lower as investors weigh reports of an OPEC+ output cut deal