Crude crude, the international benchmark was unchanged at $ 31.47 per barrel, while West Texas Intermediate, the top US marker, rose 1% to $ 22.98 per barrel.
As large as the cut – 9.7 million barrels per day, as of May, reflecting about 10 percent of world production in normal times – many traders and analysts said it was insufficient and too late to avoid a huge glut of supplies in the current quarter.
There is also skepticism about the extent to which a wide range of countries will comply with the agreement. According to some analysts, Mexico’s success in reducing its proposed share of the overall reduction from 400,000 to 100,000 barrels per day may be repeated by other countries.
“It is simply too late to prevent a very large stock of more than a billion barrels from building up,” Citigroup analysts wrote in a note to customers on Sunday.