Oil Prices Surge Amid OPEC+ Surprising Decision
Brent crude oil prices at the London ICE exchange have exceeded $85 per barrel for the first time since March 7, 2023. This marks an increase of over 6 percent, according to trade data.
Meanwhile, futures for WTI crude oil set for May delivery have risen by more than 7 percent, reaching $81.08 per barrel. This jump comes in the wake of an unexpected decision by several OPEC+ countries to voluntarily cut oil production from May until the end of this year. The total reduction volume could amount to approximately 1.65 million barrels per day. This may help stabilize the market.
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