Oil rates increase as financers wait for OPEC output verdict
Date
10/2/2023 5:49:27 AM
(MENAFN) On Monday, oil rates surged due to supply concerns before an extremely awaited conference of OPEC-producing nations on Wednesday, whereas increasing factory activity in China supported rate hikes as well.
International main crude brent exchanged at USD92.56 a barrel at 11.08 AM regional time (0808 GMT), a 0.39 percent higher from Friday’s close of USD92.20 per barrel.
The American main West Texas Intermediate (WTI) exchanged all at once at USD91.28 a barrel, rising 0.54 percent higher from the closing session price of USD90.79 per barrel in the earlier trading session on Friday.
oil prices rose amid spotty early Asian activity due to lingering uncertainty and as market participants concentrated on the approaching OPEC group's Joint Ministerial Monitoring Committee (JMMC) on Wednesday.
"OPEC+ JMMC is likely to recommend that production cuts are maintained at current levels, due to the uncertain economic outlook, and despite a clearly tightening supply backdrop, with weekly US EIA (Energy Information Administration) inventories likely to show inventories remain very low," wrote Marc Ostwald, chief global economist at ADM Investor Services, in an email.
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