By Arathy Somasekhar HOUSTON (Reuters) -Oil prices jumped $3 a barrel on Monday as OPEC+ considered reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the COVID-19 pandemic. Brent crude futures for December delivery rose $2.99 to $88.13 a barrel, a 3.5% gain, by 12:50 p.m. ET (1650 GMT). U.S. West Texas Intermediate crude rose $3.33, or 4.2%, to $82.82 a barrel. Oil prices have declined for four straight months since June, as COVID-19 lockdowns in top energy consumer China hurt demand while rising interest rates…