Oil rises on expectations of supply cuts in November

Global oil prices on November 2 morning rose by more than 1% on the prospects for a reduction in the supply of crude on the market after the OPEC+ decision, Report informs referring to the auction data.

January futures for Brent crude rose by 1.19% to $95.77 per barrel, December futures for WTI grew by 1.41% to $89.62.

On November 2 morning, the price of oil rose. Markets continue to react to the decision of OPEC+ to reduce oil production immediately by 2 million barrels per day from November.

In addition, oil prices are also affected by the growth of additional demand in China due to information about a possible change in government policy to combat the spread of COVID in the country.