Business

Oil prices rose sharply after OPEC+ announced a surprise cut to production. The cartel said it wanted to support stability in the market, which is another way of saying it didn’t like the dip in oil prices in mid-March. It also wanted to deter speculators who have been betting on softer oil prices. OPEC+ is lowering output by a further 1.15m barrels per day, taking its reduction in supply to 3.66m bpd, or 3.7% of global demand.