Oil prices soared Monday after top producers unveiled a shock output cut of more than a million barrels, while equities mostly rose after data showed US and European inflation eased further last month.
However, the decision by the Organisation of the Petroleum Exporting Countries OPEC+, the cartel, which has other top non-OPEC oil-exporting nations, fanned concerns about a fresh spike in prices that could put pressure on central banks to push interest rates higher.
Both main crude contracts jumped almost six per cent at one point following the cut by Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Algeria and Oman, which was the biggest since the group slashed two million barrels per day in October.
It came on top of a Russian decision to extend a cut of 500,000 barrels per day, and in spite of US calls to increase production.
