Oil prices surge 5% after OPEC’s surprise output cut; analysts warn of $100 per barrel

• Oil prices soared as much as 8% at the open after OPEC+ announced it was slashing output by 1.16 million barrels per day.
• The voluntary cuts will start from May to end 2023, Saudi Arabia announced, saying it was a “precautionary measure” targeted toward stabilizing the oil market.

https://www.cnbc.com/2023/04/03/oil-prices-surge-after-opecs-surprise-cuts-analysts-warn-of-100-per-barrel.html