12:16 AM in London, Mar 2
Oil jumps as markets reopen, with Brent up as much as 13% in Asian trading
ConfirmedShipping, energy & marketsBackgroundLondon, United Kingdom
Oil rose sharply when trading resumed Sunday evening: Brent was around $79 a barrel, about 8% above Friday's close, and climbed as much as 13% in Asian trading Monday before paring gains. OPEC+ had agreed on Sunday to raise April output by 206,000 barrels a day, more than expected.
Why it matters Traders were pricing in a loss of Gulf supply as Hormuz traffic stalled, and an analyst warned the OPEC+ increase might not be enough to prevent a price spike.
Sources: CBS News (AP), Associated Press, Al Jazeera, Al Jazeera (2), CBS News (AP) (2)