Crude oil prices surge 7% after surprise production cut - Breaking The News
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Crude oil prices surge 7% after surprise production cut

Markets
Christian Baha / JG

1 min read

EPA-EFE/LARRY W. SMITH

Crude oil futures rose 7% on Monday during early trading in Asia after OPEC+ made a surprise announcement to cut oil production by more than 1 million barrels per day.

Saudi Arabia first said it would cut supply by 500,000 barrels per day. Then, other members, such as Kuwait, the United Arab Emirates, and Algeria, joined in. At the same time, Russia stated that the production cut implemented from March to June would continue until the end of 2023.

For June contracts, Brent gained 7.29% to $85.58 per barrel, while for May, West Texas Intermediate (WTI) rose 7.44% to sell at $81.25 per barrel at 12:06 am ET.

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