Oil prices rise with a temporary halt in the rise of the dollar


prices

  • raw increased West Texas The broker for November is delivering 0.3% to $ 76.97 a barrel on the New York Mercantile Exchange at 11:25 am in Singapore, after falling to $ 76.25 on Monday, the lowest since January 4.
  • Increased Brent crude November delivery of 0.3% to $ 84.34 per barrel on the ICE Futures Europe exchange

trend oil American towards achieving the first quarterly loss in more than two years, According to Bloomberg, Concern that energy consumption will decline even as the Russian war in Ukraine continues, the recession could prompt the Organization of the Petroleum Exporting Countries (OPEC) and its allies to consider cutting supplies to stem the collapse.

Warren Patterson, head of commodities strategy at ING Groep, told Bloomberg: “The members of the OPEC + alliance have been strangely calm and it is likely that the alliance will feel uncomfortable about the degree of weakness in the crude oil market. so there is a real possibility to see OPEC + announce supply cuts. “

Patterson believes that if production cuts are agreed between OPEC + members, they will need to be slightly larger than the previous cut to have a tangible impact on the market.

The focus is now on the decisions that the “OPEC +” alliance will take at its meeting on 5 October, after it was agreed at the previous meeting to reduce production by only 100,000 barrels per day for the month of October.

Data reported by Reuters showed that “OPEC +” did not meet its production target with a difference of 3.58 million barrels per day in August, which is a larger deficit than in July.

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