Oil closes 5% higher on expected OPEC+ production cuts

Oil drilling rigs

Oil prices closed significantly higher today, Oct. 3, amid speculations that OPEC+ would cut oil production.

OPEC+ is expected to discuss an oil output cut of more than one million barrels per day (bpd) next week, Reuters reported, citing sources familiar with the matter.

In a separate report, Reuters reported that OPEC+ canceled a meeting scheduled for the Joint Technical Committee on Oct. 4, before an upcoming meeting of the bloc's members.

Oil prices lost about 25% of their value in the third quarter of this year, due to the slowdown in the global economy, which raised concerns about demand for crude.

Brent crude futures increased by 4.3%, or $3.72, to settle at $88.86 a barrel.

WTI crude also rose by 5.2%, or $4.14, to record $83.63 a barrel.