Oil prices rose today after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won’t be enough to head off oversupply with the coronavirus pandemic hammering demand.

After four days of wrangling, the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, agreed on Sunday to cut output by 9.7 million barrels per day (bpd) in May and June to support oil prices, representing around 10% of global supply.

Brent crude futures rose 16 cents, or 0.5%, to $31.64 a barrel by 07:09 GMT after opening at a session high of $33.99. U.S. West Texas Intermediate (WTI) crude futures were up 37 cents, or 1.6%, to $23.13 a barrel, after hitting a high of $24.74.