- Oil prices rose 2% to $48.80 per barrel after Saudi Arabia and Russia, the world's top two producers, said that a crude production cut would be extended from the middle of this year until March 2018.
- While the output cut will initially be on the same volume terms as before, they hope other producers will join in their efforts.
- OPEC is due to meet in Vienna on May 25.
- ETFs: USO, OIL, UCO, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, DWT, OILK, OILX, USOI, UWT, WTID, WTIU