(MENAFN- Trend News Agency) Oil prices surged on Monday after Saudi Arabia and other OPEC+
oil producers announced a surprise round of output cuts, a
potentially ominous sign for global inflation just days after a
slowdown in U.S. price data had boosted market optimism, trend reports citing reuters .
Brent oil futures jumped almost $6 to $85.54 a barrel in hectic
early trade on news output would be cut by around 1.16 million
barrels per day, while U.S. crude climbed $5.22 to $80.89.
Sunday's development comes a day before a virtual meeting of an
OPEC+ ministerial panel, which includes Saudi Arabia and Russia,
and which had been expected to stick to 2 million bpd of cuts
already in place until the end of 2023.
The latest reductions could lift oil prices by $10 per barrel,
the head of investment firm Pickering Energy Partners said on
Sunday.
Goldman Sachs lifted its forecast for Brent to $95 a barrel by
the end of the year and to $100 for 2024.
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