Oil prices jumped more than 3% in early trading in Asia today, Monday, as the OPEC+ group considers cutting production by more than one million barrels a day, the biggest cut since the coronavirus pandemic, in an attempt to prop up the market. .
Brent crude futures rose $2.51, or 3%, to $87.65 a barrel after falling 0.6% at Friday’s close.
US West Texas Intermediate also rose 3%, or $2.39, to $81.88 a barrel after falling 2.1% in the previous session, Reuters reported.
Oil prices have fallen for four straight months since June after the Covid-19 pandemic in China, the world’s biggest energy consumer, slumped demand, while higher interest rates and a stronger US dollar weighed on global financial markets.