Thursday, 6 Oct 2022

Oil Prices Fall Early Today, Tuesday

Baghdad / NINA / - Oil prices fell early on Tuesday, paring the previous day's 3% gains, after the OPEC + group's agreement to cut production by 100,000 barrels per day in October was considered a largely symbolic move to halt the decline in prices.

Brent crude futures fell 33 cents, or 0.3%, to $95.44 a barrel by 4 am Baghdad time.

US West Texas Intermediate crude futures rose to $89.13 a barrel, and increased by $2.26, or 2.6 % , from Friday's close.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, called OPEC +, had agreed to reverse an increase of 100,000 barrels per day in September after Saudi Arabia and other members expressed concern about the decline in prices since June, despite the scarcity of supplies.

Source: National Iraqi News Agency

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