Oil prices start to rise amid OPEC+ production cuts

MOSCOW, 5 Oct – PRIME. World oil prices on Wednesday evening are rising by almost 2% on the decision of OPEC + to cut production by 2 million barrels per day, according to trading data and expert commentary.

As of 19.59 Moscow time, the price of December futures for Brent crude grew by 1.91% to $93.55 per barrel, November futures for WTI rose by 1.68% to $87.97 per barrel.

OPEC+ during a face-to-face meeting in Vienna on Wednesday decided to cut oil production immediately by 2 million barrels per day from November, taking the levels agreed for August as a reference point.

Immediately after the publication of the news, oil prices were unstable – at first they accelerated growth to 1.5%, but then even started to decline. Now prices are rising in response to the imminent reduction in supply.

“If you look at long-term fundamentals, then … supply is reduced, and recession fears are likely to be excessive, which causes the market to react by rising prices to a supply shock,” Sevens Report Research analysts quoted MarketWatch as saying.