Oil rises ahead of OPEC meeting to discuss production cuts

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Tuesday, October 04, 2022 - 19:14
Point Trader Group

Oil prices rose by about $2 on Tuesday amid expectations that the OPEC + group may agree to a significant reduction in crude production at its meeting this week, supported by rising demand and looming sanctions on the Russian oil sector.

Brent crude futures rose $2.07, or 2.3%, to $90.93 a barrel by 1404 GMT, after rising more than 4% on Monday.

US crude futures also increased by $1.82, or 2.2%, to $85.45 a barrel. It was up more than 5% yesterday

And it appears that the producers of the OPEC + group are intent on reducing production when they meet tomorrow, Wednesday, which will put pressure on supplies in the oil market, which executives at energy companies and analysts say is already tight due to strong demand, lack of investment and supply problems.


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