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OPEC Fights the Fed, Crude Jumps 3 Percent on Expected Output Cuts – Mish Talk

Bloomberg reports Oil Jumps as OPEC+ Mulls Biggest Production Cut Since Pandemic

Oil surged in early Asian trading after delegates said OPEC+ was considering cutting output by more than 1 million barrels a day when the group meets this week to stem a slide in prices.

West Texas Intermediate futures jumped more than 3%, advancing for the first time in three sessions. While delegates said a final decision on the size of the cuts won’t be made until ministers meet in Vienna on Wednesday, a reduction of that magnitude would be the biggest since the pandemic. 

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