Oil prices steady as OPEC+ begins record cuts

Oil prices were largely steady in volatile trade on Friday as OPEC and its allies embark on record output cuts to tackle a supply glut due to the coronavirus crisis but gains were limited as investors awaited signs of a prolonged recovery in demand.

The global oil benchmark, Brent crude, has fallen about 60% in 2020 and hit a near-21-year low last month as the pandemic squeezed demand and OPEC and other producers pumped at will before reaching the new supply deal that kicked in on Friday.