Oil rises sharply ahead of OPEC+ meeting

2022-10-03T08:12:27+03:00

2022-10-03T08:12:40+03:00

2022-10-03T08:12:27+03:00

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Oil rises sharply ahead of OPEC+ meeting

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World oil prices on Monday morning rise by 2.5%, according to trading data. Investors pay attention to the news about the prospects for a significant reduction in OPEC+ production… PRIME, 03.10.2022

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Oil rises sharply ahead of OPEC+ meeting

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MOSCOW, 3 Oct — PRIME. World oil prices on Monday morning rise by 2.5%, according to trading data. Investors are paying attention to news about the prospects for a significant reduction in OPEC + production in response to the market situation.

OPEC

Media: OPEC + will discuss the reduction of oil production by a million barrels per day

As of 8:00 Moscow time, the price of December futures for Brent crude grew by 2.55%, to $87.31 per barrel, November futures for WTI — by 2.7%, to $81.64.

On Sunday, Bloomberg reported that OPEC+ will consider cutting oil production by more than one million barrels per day at a meeting in Vienna on Wednesday. Expectations of reduced supplies support oil quotes amid ongoing concerns about the risks of a recession.

“The oil price downturn is probably over. Energy traders have become more pessimistic over the summer given global slowdown risks, but oil now appears to be more supportive,” Edward Moya, senior market analyst at Oanda Group, told Bloomberg.

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