Oil surged as OPEC+ considered cutting output

International benchmarks for crude oil surged sharply on Monday, 3 October 2022 following reports that OPEC and allies are considering cutting production output by more than 1 million barrels per day to buff up prices. If the group of oil producers stick to the plan, this would be the largest production cut since the beginning of the pandemic.

Brent rose $3.72 or 4.4% to close at $88.86/barrel. 

WTI surged $4.14 or 5.2% to settle at 83.63/barrel.