Oil surged at the week’s open after OPEC+ unexpectedly announced crude output cuts that threaten to tighten the market, delivering a fresh inflationary jolt to the world economy and irking the White House.
West Texas Intermediate soared as much as 8%, the biggest intraday move in more than a year, and traded at $79.38 a barrel at 7:27 a.m. in London, while in wider markets the dollar advanced along with Treasury yields.
