Oil jumps more than 3% as OPEC+ mulls cuts of up to 1 million bpd

SINGAPORE : Oil prices jumped more than 3 per cent in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market.Brent crude futures rebounded $2.82, or 3.3 per cent, to $87.96 a barrel by 2337 GMT after settling down 0.6 p

SINGAPORE : Oil prices jumped more than 3 per cent in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market.

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.

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