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Oil surged nearly 3% after OPEC+ agreed to output cutsOil surged nearly 3% after OPEC+ agreed to output cuts |
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International benchmarks for crude oil jumped nearly 3% on Monday, 5 September 2022 after OPEC and allies agreed to cut production outputs in an effort to bolster prices amid the challenging economic condition. The gains were capped after the US government said it is committed to taking ‘all steps necessary to shore up supply.’
Brent ended the session at $2.72 or 2.92% higher to close at $95.74/barrel.
WTI was closed for a holiday.
