Oil prices surged in early Asian trading on Monday after the OPEC+ countries agreed to cut production even more to stabilize international markets. The production cuts come amid concerns regarding slowing economic growth and potential banking difficulties. This move is to counterbalance the negative impact of the uncertain global economic conditions. Oil prices surged on Tuesday, with Brent Oil Futures advancing 6.2% to reach their highest levels in nearly a month. WTI gained 6.3%, closing near the levels seen in late January.
Oil prices jumping for about $5 on surprise to OPEC+ output cut
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