Oil rises ahead of OPEC+ meeting

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.

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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.

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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.