Oil prices rose Monday after top producers agreed to massive output cuts, but gains were capped as doubts grew about whether the move was enough to stabilise coronavirus-ravaged energy markets. 

The world's top oil-producing countries will meet via videoconference at 1600 GMT Sunday, a source close to OPEC said, as they try to address plummeting oil prices due to the coronavirus crisis.

Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers on Friday, despite US President Donald Trump's mediation efforts to end a standoff with Mexico.

European Council President Charles Michel on Friday called an EU leaders' videoconference for April 23 to discuss how Europe can pick itself up from the economic damage caused by the coronavirus pandemic.

G20 energy ministers will hold a virtual meeting Friday after an oil production cut agreement between OPEC and its allies to shore up prices hit an impasse, with Mexico rejecting the proposed curbs.

Mexico declined to back the multilateral deal announced after marathon overnight talks to slash output in May and June by 10 million barrels per day and by eight million bpd for the rest of the year.

Inflation in China grew at its slowest pace since last October, official data showed Friday, falling from eight-year highs due to a drop in food prices as the country gradually lifts virus lockdowns.

World powers scrambled on Thursday to build a global response to the human tragedy and once-in-a-century economic catastrophe caused by the coronavirus epidemic, as death tolls in the US and Europe soared higher.

Equities rose Thursday as traders bought into optimism that the coronavirus crisis could be nearing its apex, while hopes that top oil producers will agree to a massive output cut added to the positive vibe and pushed crude prices up.

Oil prices rose Thursday after Russia said it was ready to slash output, fuelling hopes that key producers are poised to seal a deal aimed at boosting coronavirus-hit energy markets.

Top crude producers will on Thursday hold a crucial teleconference to discuss a possible cut in output after a collapse in demand caused by the coronavirus and a damaging Saudi-Russia price war caused a crash in the market.