Oil prices jumped to the highest level in at least three years after Opec and its allies agreed to stick with existing oil production plans, resisting calls to help damp soaring energy prices to protect the economic recovery.
Brent crude oil, the international benchmark, rose 3 per cent on Monday to trade as high as $81.48 a barrel, a fresh three-year peak. US benchmark, West Texas Intermediate, rallied 1.5 per cent to $77.26 a barrel, the highest level since 2014.
The oil producer group, which has co-operated with Russia and other countries under the Opec+ banner since 2016, agreed this summer to add 400,000 b/d of production each month until the end of 2022.
After a meeting on Monday, it decided to stick with that plan, swatting away calls to boost production further and depress prices, despite a growing energy crunch as other commodities such as natural gas soar to record levels.
People close to the discussions said Saudi Arabia…