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How OPEC’s Production Cut Could Spark a Bigger Oil Rally

How OPEC’s Production Cut Could Spark a Bigger Oil Rally

OPEC’s meeting this week takes place against a gloomy background: A global economic meltdown has caused oil prices to fall even as Russia’s war against Ukraine has made supplies more uncertain than ever. Oil prices rose on Monday, with Brent crude climbing to nearly $89 per barrel. Shares of oil companies also rose, with the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund (ticker: XOP) gaining 6.5%.