
Global oil prices surged early on Monday, after markets were surprised by the announcement of an unexpected cut to crude output by the oil-exporting OPEC+ group of nations a day earlier.
Futures of global benchmark Brent crude rose to $84.19 per barrel—its highest level in nearly a month—up more than 5.3% from Friday.
The domestic West Texas Intermediate futures rose above $81 per barrel before settling at $79.69, or 5.38% higher than Friday.
The OPEC+ group of countries on Sunday announced production cuts totaling more than 1 million barrels per day, including 500,000 barrels a day cut by Saudi Arabia.