11:46 - 5.10.2021

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October 5, Fineko/abc.az. Prices for oil of standard grades are increasing in Tuesday’s trading after a jump more than by 2% the day before against the background of OPEC+ states’ decision to keep the previously-adopted plan to increase oil production.

By 11:35 am, at the London ICE Futures Exchange the December’s Brent crude futures grew by $0.48 (0.59%) up to $81.74 per barrel. Following the trading on 4 October, the price of Brent crude futures for December increased by $1.98 (2.50%) up to $81.26 per barrel.

By 11:35 am, at the New York Mercantile Exchange (NYMEX) the WTI oil futures for November rose in price by $0.31 (0.40%) up to $77.93 per barrel. Following the trading on 4 October, the price of November’s WTI oil futures grew by $1.74 (2.29%) up to $77.62 per barrel.

In accordance with this plan the OPEC+ countries will increase oil production in November by 400,000 b/d. Before the meeting, the option of a more vigorous increase in production next month was considered - by 800,000 b/d while maintaining the previous plan for December.

Experts believe that after OPEC+'s decision to increase production by only 400,000 b/d per month, oil reserves in the world will continue to fall.