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10/7, 6:04 PM (Source: TeleTrader)
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Oil highest since August after OPEC+ decision

Prices of oil futures continued to rise on Friday, reaching levels not seen since August 31 after the OPEC+ alliance announced its decision to cut oil production by two million barrels per day from November.

The Iraqi oil minister noted the group opted for that move after data showed that global oil supplies exceeded demand. The decision has been met with criticism by the United States, which is now looking at alternatives to address the issues of oil production and prices.

West Texas Intermediate (WTI) for settlements in November increased 4.44% to $92.38 per barrel at 11:51 am ET, while Brent for deliveries in December was up 3.84% to $98.05 per barrel a minute later.

Baha Breaking News (BBN) / MS