Oil prices vary

Global oil prices fluctuated weakly on November 2 in anticipation of the OPEC+ meeting, according to trading data, Report informs citing Prime agency.

As of 8:43 am (GMT+4), the price of January futures for Brent crude increased by 0.08% to $84.78 per barrel, while the price of December futures for WTI oil fell by 0.06% to $84 per barrel.

The OPEC+ meeting is scheduled for November 4. In July, the OPEC+ countries decided to increase oil production by 400,000 barrels per day every month, starting in August. Bidders are discussing whether the alliance can revise these agreements in light of the market situation.

“Although I do not believe OPEC+ will succumb to pressure and raise production quotas by more than the previously agreed 400,000 barrels, they have surprised markets before,” said Jeffrey Halley, senior market analyst at Oanda.

He said if OPEC+ does raise production at a meeting later this week, the knee-jerk selloff could see oil fall by up to 10%.