Crude prices soar, WTI surges 5% on supply woes
Crude oil prices continued the rally on Monday as supply concerns stormed the global markets ahead of the OPEC+ meeting this week.
According to recent reports, OPEC+ is considering reducing the amount of the commodity produced by 500,000 to 1 million barrels per day, or about 1% of total global production, which would fuel the supply uncertainty.
West Texas Intermediate (WTI) for settlements in November surged by 5.42%% at 8:37 am ET to sell for $83.75 per barrel. At the same time, for the same month's settlements, Brent gained 4.69%, selling for $89.15 per barrel.