KONTAN.CO.ID - SINGAPORE. Oil prices jumped more than 3% in early Asian trade on Monday, as OPEC+ considers cutting output by more than 1 million barrels a day for its biggest reduction since the pandemic, in a bid to support the market. Brent crude futures rebounded $2.51, or 3%, to $87.65 a barrel by 0206 GMT, after settling down 0.6% on Friday. U.S. West Texas Intermediate crude was also up 3%, or $2.39, at $81.88 a barrel, after the previous session's loss of 2.1%. Oil prices have tumbled for four straight months since June, as COVID-19 lockdowns in top energy consumer China hurt demand, while rising interest rates and a surging U.S. dollar weighed on global financial markets.
Oil Rebounds 3% as OPEC+ Weighs Biggest Output Cut Since 2020
KONTAN.CO.ID - SINGAPORE. Oil prices jumped more than 3% in early Asian trade on Monday, as OPEC+ considers cutting output by more than 1 million barrels a day for its biggest reduction since the pandemic, in a bid to support the market. Brent crude futures rebounded $2.51, or 3%, to $87.65 a barrel by 0206 GMT, after settling down 0.6% on Friday. U.S. West Texas Intermediate crude was also up 3%, or $2.39, at $81.88 a barrel, after the previous session's loss of 2.1%. Oil prices have tumbled for four straight months since June, as COVID-19 lockdowns in top energy consumer China hurt demand, while rising interest rates and a surging U.S. dollar weighed on global financial markets.