{"id":527042,"date":"2022-10-04T09:45:46","date_gmt":"2022-10-04T04:15:46","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=527042"},"modified":"2022-10-04T10:09:09","modified_gmt":"2022-10-04T04:39:09","slug":"oil-jumps-nearly-4-as-opec-weighs-biggest-output-cut-since-2020","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-jumps-nearly-4-as-opec-weighs-biggest-output-cut-since-2020\/","title":{"rendered":"Oil jumps nearly $4 as OPEC+ weighs biggest output cut since 2020"},"content":{"rendered":"<p>Oil prices jumped almost $4 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic.<\/p>\n<p>Brent crude futures rebounded $3.46, or 4.1%, to $88.60 a barrel by 0915 GMT. U.S. West Texas Intermediate crude was up 4.3%, or $3.39, at $82.88.<\/p>\n<p>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. <\/p>\n<p>To support prices, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, is considering an output cut of more than 1 million bpd ahead of Wednesday&#8217;s meeting, OPEC+ sources told Reuters.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices jumped almost $4 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Brent crude futures rebounded $3.46, or 4.1%, to $88.60 a barrel by 0915 GMT. U.S. West Texas Intermediate crude was up 4.3%, or $3.39, at $82.88. 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. To support [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-527042","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/527042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=527042"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/527042\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=527042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=527042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=527042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}