The daily business briefing: April 4, 2023

Oil prices make biggest one-day jump in a year on production cut plan, Virgin Orbit files for bankruptcy protection, and more

Richard Branson
(Image credit: Josh Edelson/AFP via Getty Images)

1. Oil prices rise 6.3 percent on news of OPEC+ production cut

Oil prices rose 6.3 percent on Monday after OPEC+ nations led by Saudi Arabia announced a surprise production cut. It was the biggest one-day price surge since March 2022, when Russia's invasion of Ukraine disrupted energy markets, according to The Wall Street Journal. Oil futures jumped another 0.6 percent early Tuesday. But with a possible U.S. recession threatening to curb demand, industry analysts said it's not clear how high the reduction of more than 1.1 million barrels a day would push the price of crude. International benchmark Brent crude rose to $84.93 a barrel, still well below the high of more than $125 a barrel posted in March 2022.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.