Oil surges as OPEC+ surprise output cuts shake markets

The group, known as OPEC+, had been expected to maintain its earlier decision to cut output by 2 million bpd until December

The Organization of the Petroleum Exporting Countries and their allies including Russia shook markets by announcing further production cuts of about 1.16 million barrels per day (bpd) on Sunday.

Oil prices surged on Monday, posting the biggest daily rise in nearly a year, after a surprise announcement by OPEC+ to cut more production jolted markets.

Brent crude LCOc1 was trading at $83.89 a barrel this morning GMT, up $4, or 5%, after touching the highest in a month at $86.44 earlier in the session.