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Just In: Oil Prices Rise 8% Following OPEC’s Unexpected Output Cut



Information gathered by indicates oil prices have surged up as high as 8% at the open after OPEC+ made an announcement confirming a slashing output by 1.16 million barrels per day.

It is reported that Brent crude futures last jumped 5.07% to $83.95 per barrel on that news and the United States West Texas intermediate crude features soared 5.17% to $79.59 a barrel.

This voluntary cuts will begin from May and end 2023, as announced by Saudi Arabia.

The reported was stated by Saudi Arabia as a precautionary measure targeted towards stabilizing the oil market.

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