Oil fluctuates after OPEC+ decision to cut production

MOSCOW, 6 Oct — PRIME. World oil prices on Thursday afternoon do not show unequivocal dynamics, according to trading data. Markets are playing back OPEC+’s decision to cut production by 2 million barrels per day from November.

As of 13.49 Moscow time, the price of December futures for Brent crude fell by 0.51% to $92.89 per barrel, November futures for WTI fell by 0.59% to $87.24. Earlier in the course of the day’s trading, the quotes grew slightly.

The attention of traders is drawn to the decision of OPEC + on production, adopted the day before: the alliance agreed to reduce production immediately by 2 million barrels per day from November, taking the levels agreed for August as a reference point.

“All the developments we’ve seen on the supply side so far are pretty much setting the stage for what we think is higher prices later this year,” said Goldman Sachs analyst Damien Courvalin, quoted by France. Press.