Surprise oil production cuts announced by OPEC+ on Sunday sent oil prices soaring higher, with Brent crude surging to more than $83 a barrel on Monday.
The facilities of the oil refinery on the industrial site of PCK-Raffinerie GmbH are illuminated in the evening.The voluntary and "precautionary" cuts that are intended to support the "stability of theThe reductions are in addition to theGoldman Sachs lifted its forecast for oil prices following the cuts, projecting in an analyst note that Brent could hit $95 a barrel by December 2023 and $100 a barrel by December 2024.
The San Francisco-Oakland Bay Bridge rises behind the price board of a gas station in San Francisco on July 20, 2022.More expensive oil threatens to exacerbate stubborn inflation that is still running about three times higher than the pre-pandemic average. Gas prices, which hit a record high of $5.01 in June, were a major contributor to the inflation spike last year.
Policymakers have already approved nine straight interest rate hikes and opened the door to a 10th increase at their next meeting on May 2-3.
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