Oil nations send price up with deal to contain output

FRANKFURT, GERMANY >> The OPEC oil cartel and allied countries left most of their production cuts in place Thursday amid worry that coronavirus restrictions could still undermine recovering demand for crude. Many analysts had expected a small production increase as the price of oil has risen 30% since the start of the year on hopes that the pandemic will ease. The oil producers’ decision on supply restraint quickly sent crude oil prices higher. The U.S. contract, which had plunged below zero last year as the pandemic restrictions devastated energy demand, jumped about 5% to over $64 a barrel.