Brent crude jumps $5 per barrel after output cuts; stocks rise

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While the jump in oil prices benefits energy shares, the news adds to investor worries about higher costs for businesses and consumers.

Goldman Sachs lifted its forecast for Brent to $95 a barrel by the end of the year and to $100 for 2024 following the oil output change.slumped to its lowest level in nearly three years as new orders continued to contract.

The pan-European STOXX 600 index dipped 0.03% and MSCI’s gauge of stocks across the globe gained 0.42%. Shares of Tesla dropped 6.1% after disclosing March-quarter deliveries rose just 4% from the previous quarter, even after chief executive officer Elon Musk slashed car prices in January to boost demand.

 

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