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10/4, 3:23 PM (Source: TeleTrader)
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Oil up over 1% as OPEC JMMC meeting ends

Prices of oil futures rose over 1% on Monday after the OPEC Joint Ministerial Monitoring Committee (JMMC) meeting ended, with the cartel leaning toward continuing to ease monthly oil production cuts by 400,000 barrels per day (bpd) by the end of 2021, according to the TASS news agency and Energy Intelligence's Amena Bakr. Previous media reports claimed that cuts could be eased by as much as 800,000 bpd. The organization will now move on to hold a full OPEC-non-OPEC Ministerial Meeting.

Brent for December 2021 deliveries rose by 1.89% to go for $80.76 per barrel at 9:11 am ET, while West Texas Intermediate (WTI) for settlements in November 2021 grew 1.69% to sell for $77.16 a minute later. Both figures reached multi-year highs.

Breaking the News / MS