Oil rises on news of possible OPEC+ production cuts

MOSCOW, 3 Oct — PRIME. World oil prices on Monday evening are rising by 4%, markets are reacting to reports of a possible reduction in the production of “black gold” OPEC +, follows from the trading data and expert comments.

As of 20.07 Moscow time, the price of December futures for Brent crude grew by 4.26%, to $88.77 per barrel, November futures for WTI — by 4.86%, to $83.35.

On Wednesday, October 5, an OPEC+ meeting will take place in Vienna. On Sunday, Bloomberg wrote that at the meeting, the alliance will consider cutting oil production by more than one million barrels per day. This message supports the growth of quotations of “black gold”.

“Renewed interest in oil was triggered by press reports over the weekend of the possibility of a significant cut in production at the OPEC+ meeting on Wednesday – by 1 million barrels per day or more in order to support the market during a period of demand decline caused by a slowdown in the global economy,” Colin Cieszynski, chief market strategist at SIA Wealth Management, told MarketWatch.