After Saudi Arabia and other countries of the OPEC+ alliance announced an unexpected reduction in their production target.
The oil prices they recorded jump today since Saudi Arabia and other countries of the alliance OPEC+ they announced unexpected decrease to the target for their production.
Brent crude futures are headed for their biggest daily percentage gain in about a year, up 5.77% to $84.52 a barrel after news that members of the OPEC+ alliance aim to cut output by about 1 ,16 million barrels per day. US crude was earlier up 6.22% at $80.38.
The move by oil producers affected stock markets. Shares in oil giants BP, Shell, TotalEnergies and Eni rose more than 4%, leading the European index of oil and gas shares up 3.9%.
Shares of companies affected by energy developments fell, including airlines such as British Airways parent IAG and low-cost carrier Wizz Air.
Britain’s FTSE100 index, which includes many commodity companies, was earlier up 0.7%. Europe’s STOXX 600 and MSCI’s global stock index were earlier largely unchanged.
Source: Skai
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