Oil cartel agrees 100,000 barrels/day cut to production for October
Houston — Oil prices rose more than 3% on Monday, extending gains as Opec+ producers agreed a small oil production cut to bolster prices.US West Texas Intermediate crude was up $2.94, or 3.4%, at $89.87 after a 0.3% gain in the previous session. US markets are closed for a public holiday on Monday.
“What we’ve probably seen from the markets was pricing in most of the worst-case scenario,” Erlam added. Oil prices have fallen in the past three months from multiyear highs hit in March, pressured by concerns that interest rate increases and Covid-19 curbs in parts of China could slow global economic growth and dent oil demand.
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