Oil prices surged over 5 percent on Monday, notching their biggest daily jump in nearly a year after OPEC+ surprised markets on Sunday by announcing production cuts.
In early trading Monday, the U.S. crude oil benchmark West Texas Intermediate (WTI) rose $4.38 to $80.03 per barrel, or 5.79 percent, according to TradingView data.
Brent crude, the pricing basis for international oils, gained $4.65 to $84.38 per barrel, or 5.83 percent.
The sharp price jumps come as markets digest Sunday’s shock decision by members of the so-called OPEC+ alliance of oil exporting countries to slash production by 1.15 million barrels per day (bpd), mostly by Russia and Saudi Arabia. The cuts are due to start in May and run through the end of the year….