Fist bumps don’t last long.
Oil Prices Climb as OPEC Agrees Small Output Cut
Oil rose on Monday as members of the Organization of Petroleum Exporting Countries announced a small output cut. OPEC and allies including Russia said they will reduce output by 100,000 barrels a day in October. Prices have been falling as exports from Russia kept flowing despite the war in Ukraine. At the same time, spikes in natural gas prices as a result of the conflict are threatening to throw the world economy into recession, reducing oil demand.