Oil prices jump more than 5% after OPEC+ cuts‎

Oil prices rose today, Monday, recording the largest daily increase in nearly a year, after the OPEC + alliance announced a production cut.

According to Reuters, Brent crude jumped $4, or more than five percent, to $83.89 a barrel by 0627 GMT, after touching a one-month high of $86.44 earlier in the session.

US West Texas Intermediate crude also jumped $4, or 5%, to $79.39 a barrel, after hitting its highest level since late January.

The OPEC + alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, shocked the markets by announcing a larger production cut of about 1.16 million barrels per day on Sunday.

The OPEC + alliance was expected to maintain its previous decision to cut production by two million barrels per day until December at its monthly meeting on Monday.

The new announcement raises the total OPEC + production cuts to 3.66 million barrels per day, according to Reuters calculations, equivalent to 3.7% of global demand.