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Oil price growth accelerated on expectations around OPEC+


October, 03 2022
watermark Economic news

On Monday, oil prices are showing a rise in anticipation of the OPEC+ meeting outcome scheduled for October 5.


The meeting will be held offline in Vienna for the first time since March 2020, when ministers began to confer in videoconference format due to the coronavirus pandemic. 


It is predicted that OPEC+ will consider the possibility of reducing oil production by more than one million barrels per day to support the markets. In September, the OPEC+ countries agreed to reduce production by 100 thousand barrels per day. Expectations that the alliance can go to such a decline, supports the quotes of Brent and WTI. 


In particular, Brent rose to the level of $89.78 per barrel today (having dropped to $87.94 during the day). North American WTI crude oil rose to $84.53 on Monday, subsequently declining to $82.60 per barrel. 


In general, oil prices declined in September for the fourth month in a row, as anti-bullying measures in China led to a reduction in demand. In addition, the increase in interest rates and the strengthening of the US dollar put pressure on global financial markets.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.