Oil surges to a one‑month high fueled by OPEC+ rally

Crude Oil Takes a Week‑Long Hop

Oil finally cracked a smile at the start of the week, opening at a sweet spot that’s nudged the market up for the first time since good‑old January.

Brent’s Big Break

Brent crude perked up to $83.74 per barrel, a climb of roughly 0.5% – the highest opening since late January. Small gains, big headline.

WTI’s Warm Reception

West Texas Intermediate (WTI) parked itself at $80.07 per barrel, the best debut since early November. Short‑lived, though: the corridor that fed those gains closed as the bell rang.

Why the Chime? OPEC+ Stickiness

OPEC+ kept the party going by rolling out a voluntary cut of 2.2 million barrels per day for Q2, with Saudi Arabia pledging to trim its output by one million barrels per day and Russia holding steady on a 471‑million‑barrel export reduction.

In plain English: the move was predictable and didn’t throw the market off its game. So, the early‑morning cheers quickly dropped in a rushed retreat, as traders still eye more signs to keep those prices humming.

Fed Expectations Love the Beat

Last Friday, the market cheered the hope that the Federal Reserve might cut rates in May and June.
The good vibes faded after the March meeting, causing a dip in Treasury yields – the biggest drop since mid‑February.
That Euphoria, however, had a bitter twist: February’s US manufacturing PMI slipped, prompting a bitter Forex reaction.

Meanwhile, China’s manufacturing scene kept a positive streak, growing for the fourth month in a row, and that’s a mood‑lifter for market sentiment.

Middle East Drama: The Calm Before a Storm?

Do we finally have peace? The chatter’s mixed. On one hand, talks hint at a month‑long ceasefire. On the other, new clashes expand ground operations, making matters more volatile.

Upcoming Data – Eyes on the Pulse

Service Purchasing Managers (PMI) for China and the US – anticipation that China’s services will slow a tad.
US labor data – the latest non‑agricultural jobs add 190,000 new positions in February, a figure that might just lift oil markets.

So, while oil’s early Monday surge offered a brief glow, the big picture is a mix of expectations, global politics, and fresh data that could stir the headlines even more.