London — Oil prices jumped more than 2% to a four-year high on Monday after the Organization of the Petroleum Exporting Countries (Opec) declined to announce an immediate increase in production despite calls by US President Donald Trump for action to raise global supply. Benchmark Brent crude hit its highest since November 2014 at $80.94 per barrel, up $2.14 or 2.7%, before easing back to around $80.65 by 10AM GMT. US light crude was $1.25 higher at $72.03. "This is the oil market’s response to the Opec+ group’s refusal to step up its oil production," said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt. Opec leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on Sunday ruled out any immediate extra increase in output, effectively rebuffing a call by Trump for action to cool the market. "I do not influence prices," Saudi Energy Minister Khalid al-Falih told reporters as Opec and non-Opec energy ministers gathered in Algiers for a meeting...
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