Oil Prices Climb As Saudi Arabia Goes It Alone With Additional Cut

Crude oil prices rose by more than 1% in early trade today following the OPEC+ meeting that took place Sunday. At that meeting, Saudi Arabia said it would voluntarily cut its oil production by another 1 million barrels daily next month in a bid to prop up global oil prices. Oil prices did initially spike on Sunday, with WTI nearing $74 and Brent climbing toward $78 before both falling back. One other member of the cartel, the UAE, was allowed to actually increase its output but about 200,000 bpd, while several others got their production quotas…