Oil prices rise on expectations of OPEC+ production cuts

Global oil prices rose on September 29 afternoon in anticipation of a possible reduction in production by OPEC+, Report informs referring to the auction data.

The price of December futures for Brent crude rose by 0.47% to $88.46 per barrel, November futures for WTI grew by 0.51% to $82.57.

Earlier it was reported that the member states of the OPEC+ alliance began to discuss an additional reduction in oil production for November, which could be announced on October 5.

09:31

World oil prices fell on Thursday morning after the previous rise, being in an area of ​​some turbulence in the face of a lack of fresh money for trade, Report informs, citing the auction data.

The price of December futures for Brent crude fell by 0.31% to $87.78 per barrel, and November futures for WTI dropped by 0.37% to $81.85.

Oil prices show a decline after two consecutive days of growth, during which Brent rose by 4.7%, and WTI increased by 6.5%. On Wednesday, in particular, investors reacted to data on crude stocks in the United States, which unexpectedly fell by 0.2 million barrels over the previous week.

In general, analysts note that the oil market remains volatile, and possible sharp price hikes are associated with money shortage in the market.