Singapore October 6 2022: Oil prices rose for a fourth session on Thursday, with Brent at a three-week high, after OPEC+ agreed to further tighten global crude supply with a deal to slash production by about 2 million barrel per day, the largest reduction since 2020.
Brent crude futures for December settlement rose 22 cents, or 0.2%, to $93.59 per barrel by 0234 GMT after settling 1.7% higher in the previous session.
U.S. West Texas Intermediate (WTI) crude futures for November delivery gained 22 cents, or 0.3%, to $87.98 per barrel, building on a 1.4% rise on Tuesday.
The agreement between the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, comes ahead of a European Union embargo on Russian oil and would squeeze supplies in an already tight market, adding to inflation.
Given that production at some of the OPEC+ countries are below target levels, the actual cut would be smaller than the 2 million bpd reduction agreed to at the meeting.
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