JUST IN: Oil price skyrockets to $105 ahead of OPEC+ meeting amid Russia-Ukraine conflict

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Oil price has surged to $105 a barrel ahead of a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, following a strategic supply move by the global oil group, investigation this afternoon has shown.

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On Tuesday, Brent Crude futures settled up 7.35 percent to $105.66 a barrel, at 16.30 GMT+1. 

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West Texas Intermediate Crude futures proportionally gained 7.54 percent to $103.32 a barrel. 

OPEC and its allies adopted a production cut system to prop up prices and prevent an oversupply in the global oil market, even as OPEC+ will, on Wednesday, meet to discuss oil output for April amid the Russia-Ukraine conflict./SHARE THIS

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