Oil Prices Skyrocket To Seven-Year High After OPEC Announces Gradual Output Boost

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The price of oil surged Monday after the Organization of the Petroleum Exporting Countries (OPEC) doubled down on its plans to increase oil output at a gradual rate.

West Texas Intermediate (WTI) crude and Brent crude, the respective U.S. and international oil benchmarks, each increased more than 3% after the OPEC announcement. WTI peaked at $78.37 per barrel, the highest level since 2014, and Brent hit $82 per barrel, its highest price since 2018, on Monday.


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