Oil prices show volatility on OPEC+ decision

MOSCOW, 5 Oct – PRIME. World oil prices on Wednesday show volatility on the news of the OPEC + decision to cut production by 2 million barrels per day, according to trading data.

As of 17.31 Moscow time, the price of December futures for Brent crude grew by 0.56% to $92.29 per barrel, November futures for WTI rose by 0.37% to $86.84 per barrel.

Immediately after the publication of the news, prices accelerated the growth to 1.5%, but then even started to decline.

OPEC + countries voted to reduce oil production, will reduce it by 2 million barrels per day, a source in one of the delegations told RIA Novosti. However, he clarified that formally the final decision has not yet been made.

Earlier Wednesday, a meeting of the OPEC+ Ministerial Monitoring Committee was held. He recommended that the alliance cut oil production by 2 million barrels per day. Bloomberg, citing sources, wrote that the reference base for new cuts is assumed to be the same, and they are planned from November.