10/7, 2:11 PM (Source: TeleTrader)
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Crude prices rise over 1% on supply concerns

The prices of oil futures rose on Friday, as supply concerns stormed the global markets, seemingly prompted by the decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to slash production of crude by two million barrels per day (bpd) starting from November.

Earlier, Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail explained that OPEC+'s move was driven by an excess in output since the group's reports showed that the supply of the commodity surpassed the demand.

West Texas Intermediate (WTI) for settlements in November rose by 1.36% at 8:00 am ET to sell for $89.70 per barrel. At the same time, for the same month's settlements, Brent gained 1.22%, selling for $95.58 per barrel.

Baha Breaking News (BBN) / AB