Oil Jumps Near $90 After OPEC+ Surprises With Token Supply Cut
- Producer group to reduce production by 100,000 barrels a day
- WTI rises above $90 a barrel after slumping last week
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Oil surged at the start of the week as OPEC+ unexpectedly decided to cut output in October.
West Texas Intermediate crude advanced as much as 4.1% to beyond $90 a barrel, before paring some gains. The Organization of Petroleum Exporting Countries and allies including Russia plan to trim production by 100,000 barrels a day next month. The move effectively reverses a symbolic output hike of the same volume in September that was made in response to lobbying from US President Joe Biden.