Oil prices soar almost six percent in Asian trade after major producers led by Saudi Arabia announced a surprise cut of more than one million barrels per day
The reduction in output came on top of a Russian decision to extend a cut of 500,000 barrels per day, and in spite of US calls to increase production.
The West Texas Intermediate contract jumped 5.74 percent to $80.01 a barrel, while Brent jumped 5.67 percent to $84.42 on Monday morning. The reduction came on top of a Russian decision to extend a cut of 500,000 barrels per day, and in spite of US calls to increase production.
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