U.S. Treasury Secretary Janet Yellen criticized the decision by OPEC+ oil producers over the weekend to cut output, saying it was “unconstructive” and would add to the uncertainty overhanging global growth.
“It’s a very unconstructive act at this time when it’s important to try to hold energy prices down,” Yellen told reporters Monday after a speaking engagement in New Haven, Connecticut.
She spoke after the OPEC+ announcement sent Brent crude up to just below $85 as of Monday afternoon in the U.S. — or about 6% above its Friday close. The moved spurred speculation among some traders that $100 a barrel could again be in sight.
