Crude oil prices jumped on Sept. 8 after OPEC+ decided to boost output at a slower pace amid growing concerns that the Russia–Ukraine war will not end soon.
Brent crude oil futures were trading at $66.92 per barrel as of 8:20 a.m. EDT on Monday, up about 2.17 percent from Friday’s close. WTI crude oil futures, the main oil benchmark in North America, were trading at $63.24, up by more than 2 percent.
In a Sept. 7 statement, OPEC+ announced it would boost oil output by 137,000 barrels per day (bpd) beginning in October. This increase brings back some of the 1.65 million bpd of output the group had reduced in April 2023….