Surging oil prices could again frustrate inflation fight

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https://www.washingtonpost.com/business/2023/04/03/oil-prices-opec/

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The Washington Post is a major American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper in the Washington metropolitan area and widely read around the country. The newspaper has won 47 Pulitzer Prizes. It employs around 800 journalists and had a 2015 daily circulation of 356,768. Its digital circulation was 1,000,000 in 2018.

Jeff Bezos bought the paper in 2013. Tensions between he and the newsroon have continued; in 2024 and 2025, multiple personnel resigned over the paper's non-endorsement of Kamala Harris and editorial changes advanced by Bezos.

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Crude prices surged in early trading Monday after a surprise announcement by Saudi Arabia and other major oil produces to slash output by more than a million barrels a day. The move is all but certain to send gas prices higher, adding another wrinkle to broader efforts to rein in inflation.

West Texas Intermediate crude, the U.S. benchmark, jumped more than 6 percent, to $80.40 a barrel. Brent crude, the global benchmark, climbed around 6 percent to $84.68. Shares in leading energy companies jumped on the news, with ExxonMobil popping 5.4 percent and Chevron adding 3.7 percent.