Crude oil prices registered a significant increase of more than 4% on Monday amid information that OPEC+ is aiming to cut oil production by one million barrels per day.
U.S. WTI crude rose 4,9%, or $3,86, to $83,24 a barrel, while Brent crude rose 4,05%, or $3,43, to $88,6 the barrel.
The 13 members of the Organization of the Petroleum Producing Countries (OPEC), led by Saudi Arabia, as well as their 10 partners, led by Moscow, will meet next Wednesday for their first one-on-one meeting at the Organization's headquarters in Vienna since March of 2020.
Source: KYPE