Oil rises in price amid lower OPEC production forecasts

Global oil prices are rising on October 14 morning amid lower production forecasts for 2021-2022 by OPEC, according to trading data, Report informs referring to Prime agency.

As of 8:55 (GMT+4), the price of December futures for Brent crude grew 0.66 percent to $83.73 per barrel, while the price of November futures for WTI oil decreased 0.66 percent to $80.97 per barrel.

The oil market has seen positive dynamics on October 14 morning as investors assess the OPEC report released on October 13. Thus, OPEC has lowered the forecast for oil production outside the organization for 2021 and 2022 by 210,000 barrels and 130,000 barrels per day, respectively, to 63.64 million barrels per day this year and to 66.66 million barrels per day next year.

Besides, the sharp decline of the US dollar exchange rate on October 13 affected the rise in oil prices. Thus, the dollar index (the dollar exchange rate against a basket of currencies of six countries - the main trade partners of the US) dropped by 0.53 percent, to 94.02 points. The dollar index is down 0.02 percent to 94.06.

The data of the American Petroleum Institute (API) became a restraining factor for the growth in oil prices. Thus, US inventories over the past week have increased by 5.2 million barrels against the growth forecast of only 140,000 barrels.