Oil Prices Soar After Output Cuts

BANGKOK (AP) — Oil prices have soared more than 5% after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year. Shares in Asia were mixed. The S&P 500 gained 1.4% Friday, rising 3.5% for the month, with tech stocks leading the way. Friday’s gains came after a report showed inflation slowed in February, though it was still high on a historical basis. A slowdown in inflation could give the Federal Reserve more leeway to take it easier on interest rates. But higher prices for gas and other fuels would add to upward pressure on prices.