Gold and Commodities

Oil Prices Soar After OPEC’s Shock Production Cut

Oil Prices Soar After OPEC’s Shock Production Cut
The sun behind a crude oil pump jack in the Permian Basin in Loving County, Texas on Nov. 22, 2019. Angus Mordant/Reuters
Tom Ozimek
Tom Ozimek
Reporter
|Updated:
0:00

Oil prices surged over 5 percent on Monday, notching their biggest daily jump in nearly a year after OPEC+ surprised markets on Sunday by announcing production cuts.

In early trading Monday, the U.S. crude oil benchmark West Texas Intermediate (WTI) rose $4.38 to $80.03 per barrel, or 5.79 percent, according to TradingView data.

Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
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