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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.
