Crude oil prices have reacted to the oil producing country cartel OPEC+ announcing that they would decrease their output targets by 100,000 barrels per day. Namely, the global supply of oil is going to be reduced.
The markets took in the news, as crude price surged. Brent oil gained nearly 4.00% and Light crude 2.50%.
UPDATE 07.09.2022.
Despite the OPEC+ production decrease, crude oil price benchmarks eventually started a decline. By the middle of Wednesday's trading, the commodity traded at levels not seen since January.
US Light Crude reached the $83.00 mark and UK's Brent Crude oil traded at $89.00.