The price of a barrel bren oilt for delivery in November ended this Monday in the London futures market at 95.74 dollars, 3.01% more than at the end of the previous session.
(Read: Oil production cut shakes the oil market).
North Sea crude, a benchmark in Europe, concluded the day on the International Exchange Futures with an increase of $2.80 from the last trade, when it closed at $92.94. Brent rallied after OPEC+, led by Saudi Arabia and Russia, announced that it will reduce its output from October by 100,000 barrels per day.
The decision cancels the increase in production that had advanced in August and puts an end for now to its policy of raising the offer in order to moderate the increase in the price. The prospect of a global economic slowdown and a cooling in demand has led OPEC and its partners to take measures to try to stop the fall in oil prices.
(Also: Why the Oil Price Will Stay Below $100.)
EFE
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