Oil drilling rigs

Oil prices rose for the fourth straight day on Oct. 6 amid worries about short supplies following OPEC+ decision to cut output.

 

Oil analysts at Goldman Sachs raised their fourth-quarter estimate for Brent prices by $10 to $110 a barrel following OPEC+’s latest decision.

 

Saudi Minister of Energy, Prince Abdulaziz bin Salman, said the agreement to cut oil production by two million barrels per day (bpd) was not made in order to raise prices, but rather for sustainability of markets.

 

US President Joe Biden expressed his concern about the recent decision of the OPEC+ to reduce oil production as of next month.

 

OPEC+ decided this week to reduce crude oil output by two million bpd amid concerns about global economic outlook.

 

Brent crude futures for December delivery rose by nearly 1.1%, or $1.05, to $94.42 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures also moved up 0.8%, or $0.69 a barrel, to $88.45 a barrel.

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