OPEC+ cuts put $100/barrel oil back in sight

Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said.

The decision signals unity within OPEC+ despite Washington's pressure on its Gulf allies to weaken their ties with Moscow, while also undermining the West's efforts to limit Russia's oil income.

Oil prices jumped over 6% on Monday after the Organization of the Petroleum Exporting Countries and their allies including Russia announced further production target cuts of about...