President Biden responds as oil prices move higher amid OPEC+ production cut

President Biden responded to the rise in oil prices following OPEC+'s announcement that it plans to cut production by 2 million barrels a day.

Video transcript

DAVE BRIGGS: Let's get you up to speed now on the story moving the markets, and of course, that energy sector Seana just told us about. OPEC+ agreeing to its biggest production cut since the start of the pandemic, reducing daily output by 2 million barrels per day, a move that both boosts prices and helps Russia.

President Biden, quote, "disappointed by the short-sighted decision to cut production quotas while the global economy is dealing with the continued negative impact of Putin's invasion of Ukraine," end quote. WTI up, as you can see, on the day. That's about a 10% increase over the past week, while Brent is also up on the afternoon as well. It is the story we will continue to digest and break down in just a bit. Over to you, Rachelle.