Oil prices changed little on Friday morning after rising for four sessions in a row on the decision of OPEC+ to cut production by 2 million b/d.
The cost of December futures for Brent crude on the London ICE Futures exchange by 8:10 am CST on Friday is $94.22 per barrel, which is $0.2 (0.21%) lower than the closing price of the previous session. As a result of trading on Thursday, these contracts rose by $1.05 (1.1%) to $94.42 per barrel.
The price of futures for WTI oil for November in electronic trading on the New York Mercantile Exchange (NYMEX) fell by this time by $0.19 (0.21%), to $88.24 per barrel. By the close of the market on Thursday, the value of these contracts increased by $0.69 (0.8%) to $88.45 per barrel.
Brent recently updated a maximum for a month, WTI – has grown to a maximum since September 14, according to Dow Jones Market Data. Both varieties could end the week up 11%.
Oil quotes have been rising since Monday, first on expectations of the OPEC + decision, and then on the decision itself.
Ministers of the OPEC+ countries on Wednesday approved a reduction in the quota for oil production in November by 2 million b/d compared to September. This is the largest decline since the start of the coronavirus pandemic.
However, the real reduction in production will be less than the declared one – by 1-1.1 million barrels per day, the Minister of Oil of Saudi Arabia said, explaining that in some countries of the alliance, real production is in fact below the quota.
At the same time, further production cuts could accelerate the acceptance of a price cap for Russian oil by Western countries, analysts said.
