CNN: Oil Prices Surge After OPEC+ Producers Announce Surprise Cuts
Hong Kong/Atlanta/London (CNN):
Oil prices spiked Monday after OPEC+ producers unexpectedly announced that they would cut output.
Brent crude, the global benchmark, jumped 5.31% to $84.13 a barrel, while WTI, the US benchmark, rose 5.48% to $79.83. Both were the sharpest price rises in almost a year.
The oil prices sunk as low as $73 and $67 a barrel respectively in the week following the collapse of Silicon Valley Bank in the United States on March 10, as the turmoil spread to the wider banking sector, raising fears of a global recession.
The complete CNN News article, originally published April 3, 2023, can be accessed here.