Oil soared 8% after OPEC+ production cut
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Oil prices rose sharply after OPEC+ suddenly announced a cut in oil production, threatening a new inflationary push in the global economy.
It is reported Bloomberg.
West Texas Intermediate immediately soared 8%, its biggest one-day gain in a year. Quotations briefly crossed 81 dollars per barrel, after which they fell to 79.15 dollars per barrel at 9:00 Kyiv time.
Brent also rose 6.7% to $85.2 a barrel immediately after news of the production cut, before falling slightly to 83.7%.
The impact of the OPEC+ decision was quickly felt on the world market. Goldman Sachs Group Inc. raised its oil price forecasts for this year and next, traders signaled expectations of a supply cut, and hundreds of thousands of contracts were traded in the normally quiet Asian trading session.
US gasoline futures also rose amid inflationary risks.
The White House said the OPEC+ decision was reckless. The US added that it would work with producers and consumers, focusing on gasoline prices.
We remind you:
Saudi Arabia and a number of other OPEC+ countries on April 2 announced about the further reduction of oil production by approximately 1.16 million barrels per day
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