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Oil surges 8% after OPEC+ blindsides market with production cut
Oil prices surged as the OPEC+ alliance unexpectedly announced crude output cuts that will exceed one million barrels a day from next month, with Saudi Arabia leading the way with 500,000 barrels. The move sent a strong signal of support for prices, according to ANZ's Daniel Hynes, who added that there is an increased chance of crude hitting $100 again.
Oil prices surged as the OPEC+ alliance unexpectedly announced crude output cuts that will exceed one million barrels a day from next month, with Saudi Arabia leading the way with 500,000 barrels. The move sent a strong signal of support for prices, according to ANZ's Daniel Hynes, who added that there is an increased chance of crude hitting $100 again. 
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