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Oil prices up over supply cut fears ahead of OPEC+ meeting

October 4, 2022 at 3:18 pm

TEHRAN, IRAN – MARCH 12: A general view of the Port of Kharg Island Oil Terminal, in the Persian Gulf on March 12, 2017. Kharg Island Oil Terminal brings Iranian oil to the world market. The oil terminal is the world’s largest open oil terminal, with 95% of Iran’s crude oil exports coming through it. ( Fatemeh Bahrami – Anadolu Agency )

Oil prices started the day with a 0.64 per cent increase compared to Monday’s closing, ahead of the OPEC+ meeting on 5 October, when OPEC+ producers will decide on the extent of their production cuts for November, Anadolu News Agency reports.

International benchmark Brent crude traded at $89.44 per barrel at 10.24 a.m., local time (0724 GMT), for a 0.65 per cent gain, from the closing price of $88.86 a barrel in the previous trading session.

American benchmark West Texas Intermediate (WTI), trading at $84.05 per barrel at the same time, increased 0.50 per cent, after the previous session closed at $83.63 a barrel.

Investors are awaiting the outcome of the OPEC+ meeting on Wednesday, 5 October, when the Group will discuss production cuts of over 1 million barrels per day for November.

READ: OPEC+ mulls largest cuts since 2020 pandemic crisis