NNA – Oil prices rose today, with indications that the OPEC + gathering may cut production, against the backdrop of the rise of the dollar and weak economic expectations, according to “Archyde.com”.
Brent crude futures for November delivery rose 26 cents, or 0.3 percent, to $89.58 a barrel by 1354 GMT. The most active December delivery contract fell 13 cents, or 0.2 percent, to $87.92.
US crude futures for November were down eight cents, or 0.1 percent, to $82.07.
An OPEC official said, “It is likely to reduce production,” but he did not indicate the size of these cuts.
Archyde.com reported this week that Russia is likely to propose that OPEC + cut its oil production by about one million barrels per day.
Hurricane Ian also supported prices, as production of about 157,706 barrels per day was suspended in the Gulf of Mexico as of Wednesday, according to US authorities.
The two benchmarks rose in the previous two sessions amid trading volatility, after they reached their lowest level in nine months this week, as a temporary decline in the dollar index and a decline in US fuel stocks more than expected raised hopes for a recovery in demand.
However, the dollar index rose again on Thursday, reducing investors’ appetite for risk and stoking fears about a recession, sending both crude contracts lower earlier in the session.
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