Oil prices up after OPEC+ cut
Saudi Arabia has been pushing for production cuts due to fluctuations in global oil prices.
Oil prices are at a three-week high following the decision by Saudi Arabia, Russia and other major oil producers to cut production.
The price of Brent crude oil topped $94 a barrel today, the highest price since Sept. 14, according to market data.
Why it matters: The price increase follows the Organization of the Petroleum Exporting Countries agreeing with Russia and other allies — the so-called OPEC+ alliance — to reduce output by two million barrels per day starting in November.
Saudi Arabia, the largest oil producer in OPEC, has been lobbying for the production cut over price fluctuations this year.
