Oil rebounds 3% as OPEC+ weighs biggest output cut since 2020

By Florence Tan

SINGAPORE (Reuters) -Oil prices jumped more than 3% in early Asian trade on Monday, as OPEC+ considers cutting output by more than 1 million barrels a day for its biggest reduction since the pandemic, in a bid to support the market.

Brent crude futures rebounded $2.51, or 3%, to $87.65 a barrel by 0206 GMT, after settling down 0.6% on Friday. U.S. West Texas Intermediate crude was also up 3%, or $2.39, at $81.88 a barrel, after the previous session’s loss of 2.1%.