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10/22, 5:11 PM (Source: TeleTrader)
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OPEC+ contemplating more cuts at next meeting - reports

The Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers taking part in the crude oil output cuts (OPEC+) will look into the possibility of decreasing oil production even further at their meeting in December as a result of weak demand growth forecast for 2020.

In September, OPEC said oil demand will increase slower than earlier expected in 2020 and will amount to 1.08 million barrels per day. West Texas Intermediate (WTI) for December delivery was up 1.20% at 10:56 am ET, going for $54.13 per barrel. International benchmark Brent for December gained 1.15% to trade for $60.11 per barrel at 10:57 am ET.

Since January, the group has been implementing oil production caps of up to 1.2 million barrels per day in efforts to stabilize the market.

Breaking the News / VP