Oil prices and futures prices rose sharply in the early hours of Monday as markets re-opened for business in Oceania and Asia, responding to Sunday’s surprise announcement by Saudi Arabia, Iraq and other Gulf states that they would reduce oil production further than previously planned.
Both the benchmark oil prices rose. Further movement is possible as markets in Europe and the US open for business on Monday.
Brent Crude oil reported a jump of over 6%, rising $5.16 (roughly €4.78) to $85.05 per barrel. The US West Texas Crude index climbed $4.88, to $80.55.
