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Oil rockets 8 percent after OPEC+ jolts market with surprise output cut

Oil prices increase significantly on Monday after an unexpected reduction in crude output by OPEC and its allies – a move that threatens to squeeze the market.
Photo: Pascal Rossignol/Reuters/Ritzau Scanpix
Photo: Pascal Rossignol/Reuters/Ritzau Scanpix
By Yongchang Chin and Alex Longley, bloomberg news

Oil surged at the week’s open after OPEC+ unexpectedly announced crude output cuts that threaten to tighten the market, delivering a fresh inflationary jolt to the world economy and irking the White House.

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