SYDNEY/LONDON—Oil prices surged on Monday after Saudi Arabia and other OPEC+ producers announced a surprise cut in their output target, a move that rippled through stock markets and boosted the dollar due to reinvigorated fears about the stickiness of global inflation.
Brent oil futures looked set for its biggest daily percentage gain in around a year, jumping 5.3 percent to $84.12 a barrel on news OPEC+ would aim to cut output by around 1.16 million barrels per day. U.S. crude climbed 5.75 percent to $79.99.
Goldman Sachs lifted its forecast for Brent to $95 a barrel by the end of the year and to $100 for 2024 following the oil output change, which was announced on Sunday, a day before a virtual meeting of an OPEC+ ministerial panel including Saudi Arabia and Russia….