Oil prices jump 7% following OPEC Plus decision to voluntarily cut production

Al-Anbat - Yasmen Almasry

‏Oil prices jumped about 7% at the beginning of the week's trading, supported by the announcement of a voluntary cut in oil production by OPEC Plus.

‏According to Bloomberg Economic News, Brent crude futures rose about 6.8% to $85.40 per barrel, after registering $86 per barrel in the first minutes of trading, offsetting losses incurred due to the banking crisis, as crude fell below $72 to $86 before its outbreak.

Niemex crude contracts rose 7%, recording $80.94 per barrel, after exceeding $81 levels.

‏On October 5, 2022, OPEC Plus member states agreed to collectively reduce production by 2 million barrels per day from November of the same year until the end of the 2023.