Oil rises sharply ahead of OPEC+ meeting

World oil prices rose by 2.5% on Monday morning, as investors focus on reports of the prospects for a significant reduction in OPEC + production in response to the market situation.

According to Report, the Brent crude December futures rose by 2.55% to $87.31 per barrel, while WTI November futures went up by 2.7% to $81.64.

On Sunday, Bloomberg reported that OPEC+ will consider cutting oil production by more than 1 million barrels per day at a meeting in Vienna on Wednesday. Expectations of reduced supplies support oil quotes amid ongoing concerns about recession risks.