World oil prices soared Monday after several top producers led by Saudi Arabia sprang surprise output cuts that defied US calls for higher production to keep inflation down.
Crude futures surged almost eight percent at one stage after multiple members of the OPEC+ exporters' alliance unexpectedly slashed production by a total of more than one million barrels per day in a bid to stabilise the market.
"With the fizzling out of the banking crisis and the return of optimism to the markets, the price of the barrel was already showing signs of recovering," he noted. The news sparked bumper gains for European energy majors and lifted London and Paris stock markets on Monday, although Frankfurt dipped. Russia's invasion of Ukraine also sent oil and gas prices soaring last year, fuelling rampant energy bills and decades-high inflation around the world.
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