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Oil Prices Jump After Surprise OPEC Production Cut



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Oil prices surged on Monday, a day after OPEC members announced production cuts “aimed at supporting the stability of the oil market.”In early trading Brent crude, the international benchmark, rose more than 6 percent, to about $85 a barrel. West Texas Intermediate crude, the U.S. standard, was up by a similar amount, trading over $80 a barrel.The surprise announcements signaled a potential new threat to global efforts to curb inflation and a challenge to the Biden administration, which has pushed for lower gasoline prices. In particular, production cuts could further aggravate strained relations between the United States and Saudi Arabia, the de facto leader of OPEC. Last year, President Biden made a special appeal to Saudi Crown Prince Mohammed bin Salman to increase oil production, only to have OPEC trim its output at its next meeting. Europe …

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