Oil prices jump on reports of OPEC+ mulling production cut

Following rumors that OPEC+ is considering a reduction in oil production of more than a million barrels per day, citing sources, oil prices shot up.

The organization’s main action to combat the weakness in the global demand would be this one. The price of Brent crude futures increased by 3.3% to $87.97 per barrel, while the price of U.S. crude futures also increased by 3.21% to $82.04 per barrel.