Crude oil prices rise as OPEC cuts production

World crude oil price market information – Brent and WTI prices per barrel increased by 3% in the morning of October 3, 2022, after news that OPEC+ considered reducing production by up to 1 million barrels per day.

Brent crude rose more than $2.50 a barrel to $87.65.

US crude WTI also rose to $81.88.

Last week’s session, both these oils fell in price.

Crude oil prices rose today OPEC + considers reducing production by more than 1 million barrels a day. OPEC+ will have a policy meeting on October 5.

Last month, OPEC+ agreed to cut 100,000 barrels a day in October.

Oil prices have fallen for the fourth consecutive month, rising interest rates and a stronger dollar have put more pressure on financial markets around the world.

The source said OPEC+ produced nearly 3 million barrels a day less than its target in July.

The reason is that some members are subject to sanctions, while other countries have less investment to increase output.

Brent oil prices may move higher in the short term, gains may remain capped as investors fear a global recession.

Due diligence service bulletin in Vietnam