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10/5, 5:24 PM (Source: TeleTrader)
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Oil prices up 2% after OPEC decision

Prices of oil futures rose over 2% on Tuesday to reach multi-year records again after the Organization of the Petroleum Exporting Countries (OPEC) and associated oil-producing countries (OPEC+) yesterday decided against a substantial increase in output, adhering to their previous production deal.

Oil market participants will also monitor the American Petroleum Institute's (API) report on oil stockpiles in the United States, set to be released later in the day.

Brent for December deliveries was up 1.97% at 11:08 am ET to go for $82.83 per barrel, representing a three-year high. West Texas Intermediate (WTI) for settlements in November rose by 2.01% to sell for $79.18 at 11:10 am ET, nearing the $80 mark for the first time since late 2014.

Baha Breaking the News (BBN) / MS