Reporters reported WTI crude oil futures were up more than 2% above the $ 85 level today. In response to the forecasts for the meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies. o OPEC Plus Tomorrow
As of 8:14 pm Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in November. It was trading on the NYMEX plus $ 2.05, or 2.45%, at $ 85.68 a barrel.
OPEC Plus will hold a production policy meeting on October 5, with the meeting expected to agree to cut production for the second consecutive month to raise oil prices on the market.
At the same time, the source said OPEC Plus will decide to cut production by more than 1 million barrels per day in November. and coupled with additional voluntary production cuts by member states It will be OPEC + ‘s largest production cut since 2020.
previously OPEC Plus decided to cut production by 100,000 barrels per day in October. This is the first production cut since 2020 to support market oil prices.
Additionally, OPEC Plus increased production by 432,000 barrels per day in June. Including the increase in production of 648,000 barrels per day in both July and August. before increasing production to just 100,000 barrels per day in September
Investors will also be keeping an eye on the American Petroleum Institute (API) release of US crude stocks today, while the US Energy Information Administration (EIA) will release it tomorrow. Analysts expect US crude oil inventories to rise by 2 million barrels last week.
