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4 October 2022 | Other

Prices for oil grow ahead of the OPEC+ meeting

Brent
WTI Light Crude Oil

The cost of oil has increased, as members of OPEC + decided on Wednesday to cut the production of this energy source. Sources say that production cuts in individual oil-exporting countries will be the largest since the start of the pandemic.

According to the senior analyst of OANDA Edward Moya, the countries of OPEC + will make every effort to support the oil prices. Bank Goldman Sachs reports that the decline in oil production was related to a sharp reduction in prices after a recent high. 

However, analysts at CMC Markets fear that worries about the state of the global economy will limit growth as investors also plan to make a profit. 



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