Crude oil futures ended notably higher on Monday, despite giving up a substantial portion of its earlier gains.
Oil's surge was due to OPEC's decision to extend its current 1.2 million barrel per day output cuts for another nine months instead of the expected six month extension. Final details will be out after the cartel's meeting with Russia and other top nonmember producers on Tuesday, the second day of the meeting in Vienna.
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Market Analysis
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.