OPEC announced that it was cutting output by 1.16 million barrels per day, causing oil prices to rise as much as 8 percent. Brent crude futures rose 5.1 percent to $83.95 a barrel following the announcement, and U.S. West Texas Intermediate crude futures rose 5.2 percent to $79.64 a barrel. The organization said it was a “precautionary measure” to stabilize the global oil market after Russia’s decision to cut oil production by 500,000 barrels per day until the end of 2023. Energy stocks rose broadly Monday following the announcement, leading some analysts to warn that oil prices could reach $100 per barrel.