Surprise new cuts to the OPEC+ group's output targets could push oil prices towards $100 a barrel, setting the scene for another clash with the West grappling with higher interest rates, analysts and traders said on Monday.
Surprise production cuts
Saudi Arabia said its voluntary output cut was a precautionary measure aimed at supporting market stability. Rystad Energy said it believed the cuts will add to tightness in the oil market and lift prices above $100 a barrel for the rest of year, possibly taking Brent as high as $110 this summer. "The U.S. administration may also argue that higher oil prices will counter its efforts to put out the inflation fire," he added.An employee pumps fuel into a car at a Shell petrol station in Nairobi, Kenya, September 20, 2018.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices surge 8% after OPEC's surprise output cuts; analysts warn of $100 per barrelOil prices soared as much as 8% on the open after OPEC+ announced it was slashing output by 1.16 million barrels per day.
Read more »
Oil prices surge 5% after OPEC’s surprise output cut; analysts warn of $100 per barrelThe voluntary cuts will start from May, Saudi Arabia announced, saying it was a “precautionary measure” targeted toward stabilizing the oil market.
Read more »
What next for oil after surprise OPEC+ cuts? Try $100 a barrelSunday’s surprise OPEC+ production cuts have redefined the outlook for crude prices,...
Read more »
Behind the making of Panama's $100-a-cup coffeePanama grows some of the world's best coffee, but no brew may be more coveted than the 'Geisha' varietal grown in remote parts of the country.
Read more »
OPEC+ announces surprise oil output cutsOil prices last month fell towards $70 a barrel on concern that the global banking crisis would hit demand. Still, further action by OPEC+ to support the market was not expected as crude recovered toward $80.
Read more »