InstaForex

October 4, 2021

Awaiting OPEC+Meeting, This Is The Current Movement In Oil Prices!

 Crude oil traded steady around highs ahead of today’s OPEC+ meeting that will decide on production increases for November and December.


Entering the European session, Brent crude futures declined slightly but remained traded around $ 79 a barrel. The US WTI traded at around $ 75 a barrel.


Brent crude has hit a three -year high above $ 80 a barrel last week following supply disruptions and a strong recovery in global demand.



The OPEC+ meeting will be the focus of the market today, during which it will discuss increasing production by 400,000 barrels a day per month until at least April 2022 to stop cutting 5.8 million barrels a day.


However, according to a Reuters report, there are several OPEC+ sources who say that producers are considering adding more production than expected.


Even so, there are some member countries now facing challenges to produce more production due to the maintenance problems faced.