Global Oil Prices Surge After OPEC Announces Production Cut
Energy,Economy And Jobs,Trade,Business,Oil,Gas Prices,Inflation,OPEC,Saudi Arabia,World
From the Center
AllSides Media Bias Rating: Center
Global oil prices surged early on Monday, after markets were surprised by the announcement of an unexpected cut to crude output by the oil-exporting OPEC+ group of nations a day earlier.
Futures of global benchmark Brent crude rose to $84.19 per barrel—its highest level in nearly a month—up more than 5.3% from Friday.
The domestic West Texas Intermediate futures rose above $81 per barrel before settling at $79.69, or 5.38% higher than Friday.
The OPEC+ group of countries on Sunday announced production cuts totaling more than 1 million barrels per day, including 500,000 barrels a day cut by Saudi Arabia.
Check for Bias
The AI-powered AllSides Bias Checker instantly reveals the bias of a news article. Tap the button to use.
AllSides Picks
.png.webp)
Red Blue Translator
Fracking
Headline Roundup
Second New World Screwworm Case Found in Texas Raises Concerns for Livestock
June 7th, 2026
