WASHINGTON (dpa-AFX) - Oil prices jumped on Monday amid talk of OPEC+ members discussing about an oil output cut at the group's next meeting on Oct. 5 to bolster the oil market.
Benchmark Brent crude futures soared a little over 4 percent to $88.60 a barrel, while WTI crude futures were up 4.3 percent at $82.91.
Media reports suggest that the Organization of the Petroleum Exporting Countries and its allies, led by Russia, may consider cutting output by more than 1 million barrels a day for its biggest reduction since the pandemic at a meeting on Oct. 5 to support falling prices.
At the previous meeting, OPEC+ reversed the 100,000-barrels-per-day increase for September and returned the October quota to the levels from August.
A weaker dollar also supported prices. The dollar index fell for a fourth consecutive day after the British government reversed plans to cut the highest rate of income tax that helped to spark a rebellion in her party and turmoil in financial markets.
The U.K. government has decided to abandon its plan to scrap the 45 percent tax rate, which was announced just 10 days before, after coming under severe criticism for such a relaxation for the high earners at the time of rising living costs.
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