The oil prices soared in the morning session on Monday of Asian trading hours after the report that OPEC+ is considering an output cut of around 1 million barrels per day at the meeting this week to stabilize the market.
The international benchmark Brent crude rose $2.52 or 2.96% to $87.66 per barrel, while the West Texas Intermediate gained $2.39 or 3.01% to $81.88 per share. Both indexes bounced back from a loss last Friday as the resurgence of Covid-19, especially in China, hampered energy demand.
However, Reuters reported that the Organization of the Petroleum Exporting Countries and its allies could cut 0.5 – 1 million barrels per day of oil production within its group to support the market.
