The Dow Jones Industrial Average rose Monday as investors weighed a surge in oil prices after Saudi-led crude producers announced a surprise production cut over the weekend, saying they would reduce output by over a million barrels a day from May.
“This comes at a time when the fight on inflation is not over. If inflation from energy prices starts to rebound again, that won’t be a good scenario for central banks,” said Luc Filip, head of investments at SYZ Private Banking.
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