Oil jumps 3% as OPEC reportedly considers cuts

Monday, 03. October 2022 01:31

Crude oil prices gained over 3% amid reports that the Organization of the Petroleum Exporting Countries (OPEC) is considering a decrease in output of 500,000 to 1 million barrels a day or around 1% of total global production. The group will meet on Wednesday to decide on the move. A person familiar with the matter told the New York Times that "the oil market is oversupplied and demand is weakening because of a flagging world economy."

West Texas Intermediate (WTI) for settlements in November rose by 3.18% at 7:19 pm ET and went for $82. Brent for deliveries in December surged 3.17%, selling for $87.84.

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Baha Breaking News (BBN) / DJ