Saudi Arabia and Russia agreed in principle Thursday to a deal to cut oil production, after a month-long feud that devastated oil prices, people familiar with the matter said.

U.S. crude is up 7.3% at $26.90 a barrel and Brent crude oil is up 7.1% at $35.14 a barrel as two of the world’s top oil producers joined a coalition of other countries in seeking a solution to a global crude glut.

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