WTI Oil Closes $1.24 on Biggest OPEC Plus Production Cut in Two Years : InfoQuest

New York West Texas Intermediate (WTI) crude futures ended positive on Wednesday (October 5) after the Organization of the Petroleum Exporting Countries (OPEC) and allies. or OPEC Plus Decided to cut production, the most in 2 years

  • The WTI crude oil contract was executed in November. It was up $1.24, or 1.4%, at $87.76 a barrel. This is the highest closing level since September 14, 2022.
  • The Brent crude oil contract (BRENT) delivered in December. It was up $1.57, or 1.7 percent, at $93.37 a barrel. This is the highest closing level since September 14, 2022.

Crude oil futures rose After the OPEC Plus meeting it was decided to cut production by 2 million barrels per day for the month of November. It was OPEC+’s biggest production cut since 2020 and the second straight month of production cuts.

OPEC Plus previously agreed to cut production by 100,000 barrels per day for October. This is the first production cut since 2020 to support oil prices in the market.

The US Energy Information Administration (EIA) said US crude inventories fell by 1.4 million barrels last week. That was less than analysts had expected a drop of 1.5 million barrels.

Gasoline inventories fell by 4.7 million barrels, more than analysts expected a decline of just 2.3 million barrels. That includes heating oil and diesel, down 3.4 million barrels, more than analysts expected a drop of 1.8 million barrels.

By InfoQuest News Agency (06 Oct 65)

Tags: lifestyle , WTI oil , crude oil , oil prices

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