Oil prices jumped more than three percent in early Asian trading as the "OPEC+" group considers cutting production by more than one million barrels per day in the largest reduction since the COVID-19 pandemic to support the market. Brent crude futures rose by $2.51 or three percent to $87.65 per barrel by 02:06 GMT, after a decline of 0.6 percent at Friday's close. West Texas Intermediate crude also increased by three percent or $2.39 to $81.88 per barrel after losing 2.1 percent in the previous session.
Oil prices have dropped for four consecutive months since June, following the COVID-19 lockdowns in China, the largest energy consumer, which impacted demand, while rising interest rates and a stronger U.S. dollar affected global financial markets. The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as "OPEC+", are considering a production cut between 0.5 million to one million barrels per day ahead of a meeting on Wednesday to support prices, according to sources from "OPEC+" speaking to Reuters. This would be the second consecutive monthly cut for "OPEC+" after reducing production by 100,000 barrels per day last month.
