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Dow Jones Rallies 300 Points Amid Key Economic Data; Tesla Slides On Deliveries Miss

The Dow Jones rose 275 points Monday amid key economic data. Tesla stock dropped after the company's Q1 deliveries missed estimates. Read More...

Reuters

Oil prices, oil stocks surge on OPEC+ move

Oil prices surged on Monday after Saudi Arabia and other OPEC+ producers announced a surprise cut in their output target, a move that rippled through stock markets, though the dollar failed to hold onto its early gains. Brent crude futures looked set for its biggest daily percentage gain in around a year, jumping 5.77% to $84.52 a barrel on news OPEC+ would aim to cut output by around 1.16 million barrels per day. Goldman Sachs lifted its forecast for Brent to $95 a barrel by the end of the year and to $100 for 2024 following the oil output change, which was announced on Sunday, a day before a virtual meeting of an OPEC+ ministerial panel including Saudi Arabia and Russia.

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