WTI oil prices rose more than 3% this morning, boosted by forecasts that OPEC and OPEC+ countries could cut oil production by up to 1 million barrels per day at their meeting on Wednesday.
- Brent crude futures rebounded $2.82, or 3.3%, to $87.96 a barrel.
- WTI crude futures was at $82.09 a barrel, up $2.60, or 3.3%.
OPEC and OPEC+ will meet in Vienna on Wednesday, October 5.
It is expected that OPEC and OPEC+, which includes Russia, will cut oil production by 500,000 barrels per day to 1 million barrels per day to support the price of oil.
The source also stated that Russia could offer OPEC+ to cut oil production by up to 1 million barrels per day.
At the last OPEC+ meeting on September 6, a production cut of 100,000 barrels per day for October was agreed. This is the first production cut in more than a year.
The Sot Market is Open
Monday, October 3, 2022
| Energy Updated at | USD Price | Change | %Change |
| Crude Oil 12.00 | 81.59 | +2.10 | +2.64% |