It's due to this:
OPEC and non-OPEC producers including the top two exporters, Saudi Arabia and Russia, will hold talks on April 17 in Qatar over a plan to freeze output, increasing the likelihood of the first global supply deal in 15 years.
I believe all together, the worlds top producers amounting to 70% of global production are going to meet. They could make a difference, and that is why markets are reacting.
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