Global Oil Prices Surge After OPEC Announces Production Cut

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.