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Oil prices rise by 5% after OPEC's surprise output cut decision  

Brent Crude had its sharpest price increase in almost a year on Monday after reports that major oil producers will slash their output.
Picture of crude oil storage tanks at the plant of Colombian petroleum company Ecopetrol in Acacias, Meta Department, south of Bogota on February 10, 2023. (Photo by Juan BARRETO / AFP) (Photo by JUAN BARRETO/AFP via Getty Images)

Oil prices jumped more than 5% on Monday after the OPEC+ alliance announced plans to cut oil production by an additional 1.16 million barrels per day in a surprise decision that will likely exacerbate tensions with Europe and the United States. 

Brent Crude rose 5.31% to $84.13 a barrel, its sharpest price increase in almost a year.

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