Oil prices increase before OPEC+ assembly
Date
10/2/2021 3:34:37 AM
(MENAFN) On Friday, Oct. 1 oil prices surge as traders wait for a major assembly by the Organization of the petroleum Exporting Countries and its allies, collectively acknowledged as OPEC+.
Brent crude for delivery of December soared 97 cents to settle at USD79.28 per barrel on the London ICE Futures Exchange. The West Texas Intermediate for delivery of November gained 85 cents to close at USD75.88 per barrel on the New York Mercantile Exchange.
OPEC+ is projected to meet on Monday, talking about its strategy on crude output. The group is steadily easing record production cuts made in 2020.
While the alliance had been broadly projected to maintain current strategies to increase total output by 400,000 barrels a day every month in place, there were also potentials that it could raise quotas considering tight supplies on the market, according to experts.
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