Oil prices rose about 3% on Monday as OPEC+ members agreed to a small production cut of 100,000 barrels a day to bolster prices.
Brent crude futures for November delivery closed up $2.72 to $95.74 a barrel, a gain of 2.92%.
Prices rose by nearly $4 at the start of the session but were tamed by comments from the White House that US President Joe Biden was committed to taking all necessary steps to bolster energy supplies and lower prices.
U.S. crude WTI rose $2 to $88.85 a barrel, up 2.3% after a 0.3% gain in the previous session, in a low-volume session during the Labor Day holiday. USA.
The 100,000 barrels per day (bpd) reduction by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, equates to just 0.1% of global demand. The group also agreed that it could meet at any time to adjust production before the next meeting scheduled on October 5th.
“It’s the symbolic message the group wants to send to markets more than anything,” said Oanda analyst Craig Erlam, adding that last month’s 100,000 bpd increase by OPEC+ was not seen as a big deal.
(Reporting by Arathy Somasekhar in Houston and Noah Browning in London; with additional reporting by Florence Tan in Singapore and Emily Chow in Kuala Lumpur)
Source: CNN Brasil
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