Global oil prices on October 5 morning continued to grow slightly after the jump on October 4, amid the decision of the OPEC+ alliance to adhere to the plan to reduce restrictions on production, according to trading data, Report informs referring to Prime agency.
The price of December futures for Brent crude rose by 0.21%, to $81.43 per barrel, while the price of November futures for WTI grew 0.06%, to $77.67 per barrel.
Positive dynamics continues in the oil market on October 5. After the recommendation of the OPEC+ ministerial monitoring committee on adhering to the previous plan to increase oil production, its prices rose. As a result, WTI crude rose in the price above $77 per barrel for the first time since November 2014, and the price of a barrel of Brent crude exceeded $81 for the first time since October 17, 2018.
“Markets were expecting a larger increase, with some estimates around 800,000 b/d, given forecasts of a deepening deficit in oil markets,” said Commonwealth Bank of Australia. “OPEC’s outlook suggests further reductions in global oil stockpiles. That’s a problem given that oil inventories are already low.”