Breaking: WTI crude oil jumps 7.0% to $81.00 on surprise OPEC+ output cut – by FXstreetNews Breaking Oil WTI OPEC Commodities
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Saudi Arabia, OPEC+ producers announce voluntary oil output cutsThe Saudi energy minister said it was a precautionary measure to support the stability of the oil market.
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VIEW OPEC output cuts to roil markets, little room for others to respondA surprise production cut by Saudi Arabia and other Middle East producers has caught the energy industry flat-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday.
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OPEC+ announces surprise oil output cutsOil prices last month fell towards $70 a barrel on concern that the global banking crisis would hit demand. Still, further action by OPEC+ to support the market was not expected as crude recovered toward $80.
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OPEC+ output cuts are unadvisable, US saysThe Biden administration said the surprise oil output cuts announced on Sunday by Saudi Arabia and other OPEC+ countries were not advisable.
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OPEC producers announce voluntary oil output cutsThis is expected to cause an immediate rise in prices for the open. West Texas Intermediate, WTI, crude oil rose to the highest in three weeks on Frid
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Reaction: OPEC output cuts to roil marketsA surprise production cut by Saudi Arabia and other Middle East producers has caught the energy industry flat-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday.
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