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- On Sunday, OPEC+ announced an unexpected supply cut of more than 1 million barrels a day.
- Oil prices surged Monday, with Brent crude hovering near $85 a barrel.
- The production cuts were spread among OPEC members. Saudia Arabia led the way with a 500,000 barrel cut.
Oil prices surged 6% Monday following OPEC+'s announcement that it would slash production by more than 1 million barrels per day.
Prices soared as much as 8% before paring the biggest gains. Brent crude, the international oil benchmark, was trading just under $85 a barrel Monday morning, up from $76 a barrel a week ago.