FXStreet reports that Crude oil prices soared higher after reports major producers would cut production. Volatility in the oil market is likely to remain high as the market contemplates possible production cuts, per ANZ Bank.

"President Trump tweeted that he has spoken with Russia and Saudi Arabia and that a 10-15mb/d production cut had been agreed to."

"Saudi Arabia did hold out an oil branch, calling for an urgent meeting of the OPEC+ alliance to reach a fair deal that would restore balance to the oil markets. However, we believe any agreement on production cuts will have minimal impact on the oil market."

"The closing of borders and lockdowns has had a precipitous impact on oil demand. Overall we calculate world crude oil demand has fallen by about 20mb/d."