Oil Prices Jump After OPEC Extends Cuts. It Could Be a Short-Lived Bump.

Oil Prices Jump After OPEC Extends Cuts. It Could Be a Short-Lived Bump.

West Texas Intermediate, the U.S. benchmark, was up 2.2% astatine $71.01 a barrel. Brent crude, the planetary standard, added 2.1% to $74.63. Both contracts are up astir 4% implicit the past 5 days.

OPEC+, the radical that includes the authoritative OPEC members arsenic good arsenic Russia, connected Sunday said it would extend output curbs already successful spot by 1 period until the extremity of the year. Worries astir the struggle successful the Middle East expanding inactive overshadow the lipid market–if supplies from Iran, a large producer, are chopped off, past prices would emergence further.