WTI Crude Oil Extends Rally On Output Cut By OPEC+

6 Oct 2022 , 10:42 AM

Crude oil extended rally on Thursday to a three month high after OPEC+ decided to adjust downward the overall production by 2 mb/d from the August 2022 required production levels, starting November 2022 for OPEC and non-OPEC Participating Countries. Weakness in the dollar index overseas is also aiding the commodity. Meanwhile, EIA reported a large draw in crude oil and gasoline inventories last week, further supporting the commodity. West Texas Intermediate (WTI) crude futures for November delivery gained 8 cents, or 0.09%, to $87.84 per barrel, building on a near 3% rise in the previous session and a 10% gain so far this month. Powered by Commodity Insights