Oil prices rose on expectations of OPEC+ production cuts

MOSCOW, 29 Sep — PRIME. World oil prices are rising on Thursday afternoon in anticipation of a possible reduction in production from OPEC +, follows from the trading data.

OPEC+ may cut oil production in November, Reuters says

As of 13.56 Moscow time, the price of December futures for Brent crude oil is growing by 0.47%, to $88.46 per barrel, November futures for WTI – by 0.51%, to $82.57. At the same time, in the morning the price of oil decreased within 0.5%.

Earlier media reported that the member states of the OPEC + alliance began to discuss additional oil production cuts for November, which may be announced on October 5, and Russia may offer the alliance to cut oil production by about 1 million barrels per day.

In addition, the statistics of oil reserves in the US have a positive impact on prices. On Wednesday, it became known that commercial stocks of this raw material in the country unexpectedly decreased by 0.2 million barrels, or 0.1%, to 430.6 million barrels.

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The strategic reserve, in turn, is at a minimum since July 1984 – 422.6 million barrels.


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