Oil jumps above $3 per barrel on possible OPEC+ supply tightening

NEW YORK: Oil prices soared more than $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support prices and with the prospect of a drop in US crude inventories.

The Saudi energy minister said OPEC+ had the means to deal with challenges including cutting production, state news agency SPA said on Monday, citing comments Prince Abdulaziz bin Salman made to Bloomberg.