Bloomberg reports Oil Jumps as OPEC+ Mulls Biggest Production Cut Since Pandemic

Oil surged in early Asian trading after delegates said OPEC+ was considering cutting output by more than 1 million barrels a day when the group meets this week to stem a slide in prices.

West Texas Intermediate futures jumped more than 3%, advancing for the first time in three sessions. While delegates said a final decision on the size of the cuts won't be made until ministers meet in Vienna on Wednesday, a reduction of that magnitude would be the biggest since the pandemic. 

Oil Jumps On Production Cuts

WTI for November delivery rose 3.2% to $82.03 a barrel on the New York Mercantile Exchange at 6:50 a.m. in Singapore. Futures tumbled 25% in the last quarter.

Brent for December settlement gained 3.2% to $87.89 a barrel on the ICE Futures Europe exchange.

Bloomberg reports Oil Jumps as OPEC+ Mulls Biggest Production Cut Since Pandemic

Oil surged in early Asian trading after delegates said OPEC+ was considering cutting output by more than 1 million barrels a day when the group meets this week to stem a slide in prices.

West Texas Intermediate futures jumped more than 3%, advancing for the first time in three sessions. While delegates said a final decision on the size of the cuts won't be made until ministers meet in Vienna on Wednesday, a reduction of that magnitude would be the biggest since the pandemic.