The rise in oil prices accelerated on expectations around OPEC +

MOSCOW, 3 Oct — PRIME. Oil on Monday rises in price by 4% after 2.5% in the morning, according to trading floors. Markets are waiting to see what action OPEC+ will take on production.

As of 13:14 Moscow time, the price of December futures for Brent crude grew by 4.18%, to $88.7 per barrel, November futures for WTI – by 4.3%, to $82.91. In the morning, oil rose in price by 2.5%.

The main attention of traders is focused on the OPEC + meeting, which will be held in Vienna on October 5. The meeting will be held offline for the first time since March 2020, when ministers began meeting via videoconference due to the global COVID-19 pandemic.

On Sunday, Bloomberg reported that OPEC+ would consider cutting oil production by more than one million barrels per day at a meeting on Wednesday. Expectations that the alliance may go for such a decline, supports quotes.

“Such measures will be sufficient to give support to prices (for oil – ed.),” AFP quoted Phil Flynn as saying Price Futures Group.