The week started out promising for crude oil traders, hoping for a boost in prices to shore up the U.S. oil industry and to stabilize prices. OPEC, Russia and other oil producing nations overcame a slight snag and finally agreed on Sunday to cut output by a record 9.7 million barrels per day for May-June, representing around 10% of global supply, to support oil prices amid the pandemic, according to Reuters. The cut was the single largest output cut in history. The specific production numbers weren’t released, but we do know that the 9.7 million barrels per day cut will begin on May 1, and will extend through the end of June. However, despite the efforts of OPEC+, oil prices continued to retreat throughout the week, hitting a multi-year low in the process. As it turns out, the agreement wasn’t especially bullish. The production cuts were smaller than what […]