MOSCOW, 4 Oct — PRIME. Oil rises in price on Tuesday afternoon, according to trading data. Investors are waiting for the OPEC + meeting and the decision of the alliance on production.
As of 12:25 Moscow time, the price of December futures for Brent crude grew by 0.81%, to $89.58 per barrel, November futures for WTI – by 0.71%, to $84.22.
The attention of traders is drawn to the OPEC + meeting, which will be held on Wednesday, October 5. Markets are evaluating what mining decisions the alliance can make. Earlier media reported that OPEC + may decide to cut production by one million barrels or more.
“If they don’t do anything, prices will drop to $80 or below, the market is bearish… They need to do something, they have no choice. They want to secure a level around $90,” the founder and head of FGE told Bloomberg. Fereidun Fesharaki.
On Wednesday, the US Department of Energy will publish weekly data on stocks in the country. Analysts believe that commercial oil stocks for the week to September 30 rose by 2 million barrels.