Daily Times

Oil prices rallied on Monday after some OPEC+ countries cut production by more than 1 million barrels per day (bpd) in an already tight market, raising concerns about further interest rate hikes and weaker economic growth. International benchmark Brent crude traded at $84.08 per barrel at 9.35 a.m. local time (0635 GMT), a 5.24% increase from the closing price of $79.89 a barrel in the previous trading session. At the same time, American benchmark West Texas Intermediate (WTI) traded at $79.68 per barrel, a 5.29% rise after the previous session closed at $75.67 a barrel. Both benchmarks rose around 5% after the OPEC+ group’s major oil producers announced a 1.65 million bpd cut in monthly production until the end of the year over the weekend. Saudi Arabia led the way with 500,000 bpd of cuts, followed by the UAE with 144,000 bpd, Kuwait with 128,000 bpd, Iraq with 211,000 bpd, Oman with 40,000 bpd, Alge.