Oil jumps more than 3% in Asian trade as OPEC+ mulls cuts up to 1 mn bpd
Oil prices jumped more than 3% in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market.
Brent crude futures rebounded $2.82, or 3.3%, to $87.96 a barrel by 2337 GMT after settling down 0.6% on Friday. U.S. West Texas Intermediate crude was at $82.09 a barrel, up $2.60, or 3.3%, following a 2.1% loss in the previous session.
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.
