Oil prices surged on Monday following OPEC+’s announcement of additional production cuts. Brent crude rose $5 a barrel while gains in energy stocks boosted global stock markets. The decision by OPEC+ to reduce output will help balance the market, balanced well needed after the sharp drop in demand due to the Covid-19 pandemic. The stock market had a joyous day as the S&P 500 rose, led by a 4.9% surge in the energy sector. This rally was triggered by OPEC+ announcing plans to reduce production by 1.16 million barrels daily, surprising analysts and investors. The agreement hopes to balance global oil supply and demand, relieving volatile crude oil prices.
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