SINGAPORE/LONDON—The dollar rose against other major currencies on Monday as fears over inflation resurfaced after a surprise announcement by major oil producers to cut production targets further, with traders wagering the Federal Reserve may need to increase interest rates again at its next meeting.
The announcement on Sunday by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, of output target cuts caused oil prices to jump by around 8 percent in early trade in Asia on Monday. Brent crude was last trading at $84.12 per barrel, up $4.21 or 5.3 percent.
OPEC+ had been expected at a meeting on Sunday to stick to cuts of 2 million barrels per day (bpd) already in place until the end of 2023, but instead announced further output cuts of around 1.16 million bpd….