Why Oil Prices Are Jumping After OPEC Increased Production
Oil prices were surging on Monday, driven higher by a flare-up in tensions between Russia and Ukraine and an output hike by the OPEC+ cartel of producers.
The Brent international benchmark jumped 4% to $65.26 a barrel, and West Texas Intermediate U.S. prices jumped 4.4% to 63.47 a barrel.
Crude was rallying after Ukraine launched drone attacks on four military airports in Russia, destroying more than 40 warplanes. Geopolitical shocks have tended to trigger short-term oil spikes in recent years, although concerns about waning global demand have kept a lid on prices...
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