Oil Prices Rise After OPEC+ Announcement

With the oil prices rising, inflation is expected to remain higher for longer, adding pressure to consumers world wide.

Oil prices rose after OPEC+ producers announced they are cutting production.

The global benchmark of Brent Crude rose 5.31% to $84.13 and the U.S. benchmark of WTI, jumped 5.48% to $79.83.

With the oil prices rising, inflation is expected to remain higher for longer, adding pressure to consumers world wide.

Saudi Arabia said it would start ‘a voluntary reduction’ in its production of crude oil, along with other members or allies of the Organization of the Petroleum Exporting Countries.

The cuts are expected to last through the end of the year.

It was stated that if the pressure continues, central banks will have to extend or strengthen their interest rate hiking cycles.