Oil jumps on Chinese factory growth, hopes for deeper OPEC cuts

Oil jumps on Chinese factory growth, hopes for deeper OPEC cuts

Oil futures jumped on Monday on hints the OPEC and its allies may agree to deepen output cuts at a meeting this week. What added to sentiment was rising manufacturing activity in China, which suggested stronger demand. Sources suggest OPEC and its allies could trim an additional 400,000 barrels per day (bpd) or more.

Simone
Simone
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