Crude prices surged in early trading Monday after Saudi Arabia and other leading oil-producing nations announced they would cut output by more than a million barrels a day.
West Texas Intermediate crude, the U.S. benchmark, jumped more than 6 percent, to $80.40 a barrel. Brent crude, the global benchmark, climbed around 6 percent to $84.68.
Rising oil prices, which have eased significantly in recent months, could complicate the Federal Reserve and other central bankers’ efforts to get inflation under control, analysts said. Fuel prices, and diesel in particular, threaten to weigh on consumers’ pocketbooks as well as the shipping networks that underpin global supply chains.
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