03/April/2023 OPEC+ surprise output cuts lift oil prices by $5/bbl.



Oil prices surged on Monday, jolted by a surprise announcement by OPEC+ to cut production further in what top producer Saudi Arabia called a precautionary measure to support market stability.

Brent crude traded at $84.26 a barrel by 0347 GMT, up $4.37, or 5.5% after touching the highest in a month at $86.44 earlier in the session.

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