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Oil prices moved higher early Monday morning stateside after OPEC and its allies agreed to cut production by 9.7 million barrels per day.

The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history, CNBC reports.

U.S. West Texas Intermediate crude rose 4.88% to trade at $23.87 per barrel, while international benchmark Brent crude gained 4.26% to $32.82 per barrel. Earlier in the session WTI rose as much as 8%, but also traded in negative territory at one point in a volatile session.

The group, known as OPEC+, initially proposed cutting production by 10 million barrels per day — amounting to some 10% of global oil supply — on Thursday, but Mexico opposed the amount it was being asked to cut, holding up the final deal. Under the new agreement, Mexico will cut 100,000 barrels per day, instead of its initial allocation of 400,000 barrels per day.

The 9.7 million barrels per day cut will begin on May 1, and will extend through the end of June. The cuts will then taper to 7.7 million barrels per day from July through the end of 2020, and 5.8 million barrels per day from Jan. 2021 through April 2022. The 23-nation group will meet again on June 10 to determine if further action is needed.