Several OPEC+ members’ decision to further cut oil supplies adds to the global challenge of reining in firm inflation rates.
Treasury Secretary Janet Yellen said the surprise OPEC+ oil production cut was an “unconstructive act,” which could hurt U.S. efforts to lower inflation.
Both futures have since pared gains, with Brent crude last trading at $86.12 a barrel, and U.S. West Texas Intermediate futures at $80.53 per barrel.
Oil prices have fallen to roughly $87 a barrel from more than $120 in early June ahead of potentially disruptive sanctions on Russian oil
OPEC+, a group of 23 oil-producing nations led by Saudi Arabia and Russia, will convene on Sunday to decide on the next phase of production policy.
OPEC and non-OPEC producers will convene in Vienna, Austria on Dec. 4 to decide on the next phase of production policy.
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