Share
Copied
Oil prices surged in early Asian trade on Monday, with WTI crude futures opening more than 3 percent higher, rising for the first time in three sessions.
Brent crude futures rebounded 2.8 percent to $87.50 a barrel by 0622 GMT, after settling down 0.6 percent on Friday. WTI crude was up 2.9 percent at $81.76 a barrel, after the previous session's loss of 2.1 percent.
The rise comes as OPEC+ is reportedly planning its biggest production cut since the pandemic to prop up falling prices, when the group meets in person for the first time since March 2020 this Wednesday.
According to people close to the discussions, OPEC+ is considering cutting output by more than 1 million barrels per day. That came after crude oil prices posted their first quarterly decline in more than two years on Friday as concerns about a slowing global economy weighed on the outlook for energy demand.
JPMorgan recently said OPEC+ might need to lower production by at least 500,000 barrels a day to stabilize prices.
(Source: Reuters with edits; cover via CFP)
Search Trends
SITEMAP
Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466
SITEMAP
Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466