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Oil rises 3% on speculation of an OPEC + production cut
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Economy News-Baghdad
Oil prices jumped more than 3% in early Asian trading on Monday, as OPEC+ considers cutting production by more than 1 million barrels per day in its biggest cut since the pandemic, in an effort to support the market.
Brent crude futures rebounded $2.51, or 3%, to $87.65 a barrel by 02:06 GMT, after settling 0.6% on Friday, and US West Texas Intermediate crude also rose 3%, or $2.39, at 81.88 USD per barrel, after the previous session's 2.1% loss.
Oil prices have fallen for four consecutive months since June, as the COVID-19 shutdown in China, the largest energy consumer, hit demand, while higher interest rates and a stronger US dollar weighed on global financial markets.
OPEC + is considering cutting production by more than 1 million barrels per day before its meeting on Wednesday.
If agreed, it would be the group's second consecutive monthly cut after cutting production by 100,000 barrels per day last month.
Experts said anything less than 500,000 bpd was being ignored by the market. So we see a huge opportunity for a significant reduction of up to 1 million barrels per day.
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Added 10/03/2022 - 9:03 AM
Update 10/03/2022 - 11:48 AM
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Economy News-Baghdad
Oil prices jumped more than 3% in early Asian trading on Monday, as OPEC+ considers cutting production by more than 1 million barrels per day in its biggest cut since the pandemic, in an effort to support the market.
Brent crude futures rebounded $2.51, or 3%, to $87.65 a barrel by 02:06 GMT, after settling 0.6% on Friday, and US West Texas Intermediate crude also rose 3%, or $2.39, at 81.88 USD per barrel, after the previous session's 2.1% loss.
Oil prices have fallen for four consecutive months since June, as the COVID-19 shutdown in China, the largest energy consumer, hit demand, while higher interest rates and a stronger US dollar weighed on global financial markets.
OPEC + is considering cutting production by more than 1 million barrels per day before its meeting on Wednesday.
If agreed, it would be the group's second consecutive monthly cut after cutting production by 100,000 barrels per day last month.
Experts said anything less than 500,000 bpd was being ignored by the market. So we see a huge opportunity for a significant reduction of up to 1 million barrels per day.
22 . views
Added 10/03/2022 - 9:03 AM
Update 10/03/2022 - 11:48 AM
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