Oil prices jumped on Monday after the announcement the day before of production cuts by several major exporting countries, a decision that slowed the momentum in equities after a week of sharp gains.
The barrel of Brent from the North Sea, the world reference, rose by 5.26% to 84.09 dollars and that of American WTI by 5.26% to 79.66 dollars around 07:10 GMT.
Several major exporting countries, including Saudi Arabia, Iraq, Algeria, the Emirates, Oman and Kuwait, announced on Sunday a reduction in their production from May, presented as a "precautionary measure
"
for stabilize the market.
Russia also announced to extend the reduction of its crude oil production by 500,000 barrels per day until the end of the year.
European stock markets rose slightly: London rose by 0.62%, Paris by 0.34%, Milan by 0.32% and Frankfurt was stable around 07:10 GMT.
In Asia, Tokyo rose 0.52% and, in the latest trade, Shanghai advanced 0.75% while Hong Kong fell 0.32%.
Wall Street ended sharply higher on Friday, with the broader S&P 500 index having its best week since November 2022 and returning to its highest level in a month and a half.
"
It will take some time to see the exact impact of this on prices as oil demand concerns persist
," Deutsche Bank analysts said.
But according to them, this could boost inflation, which had nevertheless slowed down in recent months thanks to a drop in raw materials.
These announcements came as a videoconference meeting of the Joint Ministerial Monitoring Committee (JMMC), a panel of the Organization of Petroleum Exporting Countries and their allies (OPEC+) is to be held on Monday.
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Oil stocks rebound
The shares of the major oil suppliers rose with the surge in prices: in London, BP took 4.25%, Shell 3.77% and in Paris TotalEnergies gained 4.73% in the first exchanges.
Companies linked to oil extraction follow the same path such as Vallourec (+3.83%) or CGG (+4.69%) in Paris.
China hits back on semiconductors
Some Japanese semiconductor-related stocks fell sharply after Beijing announced on Friday a cybersecurity review for products sold in China by US industry giant Micron.
This is the latest development in the battle between Washington and Beijing in this sector.
Advantest lost 4.28%, Tokyo Electron 2.06% and Screen Holdings 3.09%.
Beijing also announced measures on Sunday to boost national production.
Chinese companies took advantage of this: Ingenic Semiconductor jumped 12.3% on the Shenzhen Stock Exchange and Advanced Micro-Fabrication Equipment 10.3% in Shanghai.
On the side of currencies and rates
The greenback is strengthening: the euro fell by 0.21% against the dollar, to 1.0816 dollars, and the pound by 0.26% to 1.2305 dollars.
Last week, the dollar returned to its lowest level since early February against the European currency.
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Bitcoin fell 0.88% to $27,830
On the bond market, rates are rising in Europe and the United States: the French 10-year loan is trading at an interest rate of 2.82%, the German 10-year at 2.33% and the 10-year US at 3.52% around 0700 GMT, up 0.05 percentage point.
