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Home » Oil contracts settle near highest level in three weeks

Oil contracts settle near highest level in three weeks

Thursday, October 6, 2022 Oil & Gas 1 Min Read
Oil exceeds $100 a barrel after launching Russia’s military operation in Ukraine

Oil prices stabilized near a three-week high Thursday after OPEC+ agreed to reduce global crude supplies by reducing production by about two million barrels per day, in the largest reduction since 2020.

Brent crude futures for December settlement rose four cents to $93.41 a barrel, after rising 1.7 percent in the previous session.

US West Texas crude futures for November delivery rose two years to $ 87.51 a barrel, after rising 1.4 percent on Tuesday.

The agreement between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, an alliance known as OPEC+, comes before the European Union’s ban on Russian oil, and will put pressure on supplies in a market already suffering from a shortage, which will increase inflation.

 

 

Oil Prices OPEC Russia WTI
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