Oil rises on statements from OPEC+ reps

Global oil prices rose on October 26 morning on statements from a number of OPEC+ members, according to trading data, Report informs citing Prime agency.

As of 8:51 (GMT+4), the price of January futures for Brent crude rose by 0.31% to $85.43 per barrel. This is while the price for December futures on WTI oil grew 0.16% to $83.89 per barrel. On October 25, WTI futures surpassed $85 per barrel level for the first time since 2014.

Saudi Arabia on October 25 called for caution in increasing oil production, as the market crisis may not be over yet.

In addition, according to ANZ analysts, the rise in prices for oil is facilitated by reports that the EU will hold talks with Iran at the end of this week.