OIL JUMPS AS OPEC+ MULLS CUTS

Oil prices jumped nearly US$4 a barrel on Monday as OPEC+ considered reducing output by more than one million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Brent crude futures for December delivery rose US$3.72 to US$88.86 a barrel, a 4.4-per-cent gain. U.S. West Texas Intermediate crude rose US$4.14, or 5.2 per cent, to US$83.63 a barrel. Oil prices have declined for four straight months since June, as COVID-19 lockdowns in top energy consumer China hurt demand while rising interest rates and a surging U.S. dollar weighed on global financial markets. The Organization of the Petroleum Exporting Countries (OPEC) and its allies are considering an output cut of more than one million bpd ahead of Wednesday's meeting, sources have told Reuters.