Oil Prices Surge Again After OPEC Ignores Biden

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Oil prices surged again Friday after foreign producers ignored the Biden administration’s repeated requests to boost output and resolve global shortages.

U.S. crude oil surpassed $80 per barrel while the lead foreign index broke $81 per barrel, both rising more than 1.5% compared to one day earlier, on Friday morning, according to the latest data. The Middle Eastern cartel Organization of the Petroleum Exporting Countries and its Russian counterpart, collectively known as OPEC+, rebuked the Biden administration Thursday and chose not to alter previously announced plans.


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