Oil prices in choppy mode as markets digest the Saudi/Russia production cut agreement

WTI oil price jumped to $28.32 (session high and the highest in almost one week) after news that Russia and Saudi Arabia have overcome differences and basically reached a deal of production cut.
The talks of two sides faced big obstacles as Saudi Arabia was willing to reduce output but Russia did not want to agree as long as America is out of the agreement, with President Trump denying cut as US production was reduced by strong fall in demand.
The biggest world oil exporters will discuss cuts of up to 20 million bpd that is equivalent to about 20% of global supplies and would be enough to stabilize oil market, heavily pressured by strong fall in demand  that pushed the price to the lowest levels in nearly twenty years.
The price returned from session high to the levels before the announcement, as markets digest news and focus on cartel’s next steps in materializing the initial agreement.

Res: 27.59; 28.32; 29.11; 30.00
Sup: 25.56; 24.95; 23.93; 23.53