Tag: oil market price

Oil market surges on shock output cuts

NEW YORK, United States (AFP) — World oil prices soared Monday while equity markets mostly won modest increases after several top producers led by Saudi Arabia sprang surprise output cuts. Crude futures surged almost eight percent at one stage, a day after multiple members of the OPEC+ exporters’ alliance unexpectedly slashed production by a total of more than one million barrels per day. The shock reduction will start in May and last until the end […]