Oil returns above $71 after OPEC+ reports 📌

OIL.WTI erases losses in the first part of the day, gaining 1.20% to $71 per barrel following news that OPEC+ is considering delaying the planned production increase next month. The reason for these discussions is the significant drop in oil prices to the lowest level since January 2024.

Last week, the decline in oil prices was supported by the assumption that OPEC+ would proceed with the planned increase of 180,000 barrels per day in October. However, after market turbulence caused by the closure of oil facilities in Libya, and more importantly, weak economic outlooks, suggestions have emerged to delay the increase.

Following the release of this information, OIL.WTI prices have risen 1.20% above $71.30 per barrel, returning from local lows around $69.20.

Source: xStation 5