Oil prices rise after OPEC+ agrees to cut production by 2 million barrels a day, extending a winning streak to a 3rd session

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Oil prices rise after OPEC+ agrees to cut production by 2 million barrels a day, extending a winning streak to a 3rd session - Business Insider

Quick Summary:

OPEC+ said uncertainty surrounding the global economic outlook was a factor in its decision to cut daily production.

A jump in the US dollar this year as the Federal Reserve hikes interest rates aggressively has also made purchases of dollar-denominated oil more expensive for holders of other currencies.

OPEC+ said its latest decision was taken "in light of the uncertainty that surrounds the global economic and oil market outlooks".