⚠️BREAKING: *OIL SPIKES OVER 5% TO START Q2 AS SURPRISE OPEC OUTPUT CUTS SHAKE MARKETS $CL_F OOTT
LONDON - Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets.was trading at $84.22 a barrel by 0900 GMT, up $4.33, or 5.4%, after touching the highest in a month at $86.44 earlier in the session.
The Organization of the Petroleum Exporting Countries and their allies including Russia shook markets by announcing further production cuts of about 1.16 million barrels per day on Sunday. The pledges bring the total volume of cuts by OPEC+ to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand.https://www.reuters.com/graphics/GLOBAL-OIL/byprlmgxlpe/chart.png) lowered its end-2023 production forecast for OPEC+ by 1.1 million bpd and raised its Brent price forecasts to $95 and $100 a barrel for 2023 and 2024, respectively, it said in a note.
"It's hard to buy the 'pre-emptive' and 'precautionary' reasoning - especially now, when the banking crisis had tailed off and Brent had crawled back up towards $80 from its 15-month lows earlier in March," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
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