The surge in oil prices comes after OPEC+ announced an unexpected production cut totaling more than 1 million barrels per day.
Global oil prices surged early on Monday, after markets were surprised by the announcement of an unexpected cut to crude output by the oil-exporting OPEC+ group of nations a day earlier.Copyright 2021 The Associated Press. All rights reservedFutures of global benchmark Brent crude rose to $84.19 per barrel—its highest level in nearly a month—up more than 5.3% from Friday.
The domestic West Texas Intermediate futures rose above $81 per barrel before settling at $79.69, or 5.38% higher than Friday. The OPEC+ group of countries on Sunday announced production cuts totaling more than 1 million barrels per day, including 500,000 barrels a day cut by Saudi Arabia. Iraq said it would cut production by 211,000 barrels per day, the United Arab Emirates by 144,000 barrels and Kuwait by 128,000 barrels.that Moscow would extend its 500,000 barrels per day production cut till the end of 2023.the unexpected cut was a “precautionary measure aimed at supporting the stability of the oil market.”
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Oil prices surge on output cut, take gloss off US inflationThe move by OPEC+ nations is a potentially ominous sign for global inflation just days after a slowdown in U.S. price data had boosted market optimism. S&P 500 futures dipped 0.3%, while Nasdaq futures lost 0.4%.
Les mer »
Oil prices surge, markets narrow odds on Fed hikeOil prices surged on Monday after Saudi Arabia and other OPEC+ oil producers announced a surprise round of output cuts, a potentially ominous sign for global inflation just days after a slowdown in U.S. price data had boosted market optimism.
Les mer »
Oil prices surge 8% after OPEC's surprise output cuts; analysts warn of $100 per barrelOil prices soared as much as 8% on the open after OPEC+ announced it was slashing output by 1.16 million barrels per day.
Les mer »
As oil prices recover, West Texas Intermediate emerges as grade of choice for European oil importersThe U.S. benchmark for the price of oil, is hovering once again in the $75-per-barrel...
Les mer »
Japan Breaks With U.S. Allies, Buys Russian Oil at Prices Above CapThe U.S. rallied its European allies behind a $60-a-barrel cap on Russian oil, but one of its closest Asian allies is now buying oil at prices above the cap
Les mer »