Crude Oil Prices Rise 2.5% After Saudi Arabia Says It’s Cutting 1 Million Barrels A Day

Global crude oil prices rose sharply on Monday after Saudi Arabia announced plans to unilaterally cut its oil production by 1 million barrels per day while other oil-producing nations under OPEC+ said they will extend cuts until 2024, in an effort to shore up tumbling crude prices. The global benchmark Brent Crude Futures index rose past $78 per barrel early Monday morning—up nearly 2.5% since Friday. The U.S. West Texas Intermediate benchmark surged even higher, rising 2.6% to $73.60 per barrel. In a statement on Sunday, the Saudi Energy Ministry...