Silhouette of Permian Basin pumpjacks taken at dusk, north of Midland, Texas, U.S. in late 2019.

Richard Eden | via Getty Images

Oil prices moved lower in overnight trading after OPEC and its allies agreed to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history.

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