Crude Prices Jump Nearly 4% As Oil Producers Agree On A Small Output Cut
NDTV
Oil prices rose about 4 per cent on Monday, extending gains as OPEC+ members agreed to a small production cut to bolster prices.
Oil prices rose about 4 per cent on Monday, extending gains as OPEC+ members agreed to a small production cut to bolster prices.
Brent crude futures for November delivery rose $3.53 to $96.55 a barrel, up 3.8 per cent. US West Texas Intermediate crude was up $3.08, or 3.6 per cent, at $89.98 after a 0.3% gain in the previous session. US markets are closed for a public holiday on Monday.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, will reduce output for October by 100,000 barrels per day (bpd), amounting to only 0.1 per cent of global demand, and also agreed they could meet any time to adjust production before the next scheduled meeting on October 5.
"It's the symbolic message the group wants to send to the markets more so than anything," said Oanda analyst Craig Erlam, adding that the 100,000 bpd raise last month by OPEC+ was not seen as a big deal.
