Oil prices soar after Opec+ producers pledge output cuts – The National

Oil prices soar after Opec+ producers pledge output cuts – The National

Oil prices soared in early trading on Monday after Opec+ producers pledged to collectively cut output by 1.16 million barrels of crude per day on Sunday.

Both Brent, the benchmark for two thirds of the world’s oil, and West Texas Intermediate, the gauge that tracks US crude, had jumped more than 6 per cent before giving some gains but were still trading strong.

Brent had gained 5.57 per cent and was trading at $84.34 a barrel at 6.37am UAE time, while WTI was up 5.64 per cent to $79.94 a barrel.