Oil prices jumped on Monday after OPEC+ nations announced surprise production cuts of more than 1 million barrels a day in the face of weaker demand. Goldman Sachs also raised its year-end forecast for Brent Crude.
The International oil benchmark Brent crude rose as much as 8.4% to a high of $86.44 a barrel in early Asian trading on Monday, while U.S marker West Texas Intermediate climbed as much as 8% to $81.69 a barrel. Bonny light sold for $79.33 a barrel.
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Brent and WTI later pared their gains to be up 5.1% at $83.95 and 5.3% higher at $79.67, respectively. U.S. petrol futures also rose 2.3% to $2.74 a gallon.
(Editor: Terverr Tyav)
