Oil Prices Rise as Opec+ Boosts Production
Oil prices have risen following Opec+'s decision to moderately increase production. The move has sparked concerns about potential oversupply in the world market.
On Monday, Opec+ agreed to a 137,000 barrels per day increase in production starting in November. This is the fourth consecutive monthly rise, totaling 648,000 barrels per day since April. The decision comes as the alliance seeks to balance the global market after last year's record cuts.
The price for a barrel of US WTI for November delivery currently stands at $61.73, up 4 cents from the previous day. Meanwhile, Brent crude for December delivery is trading at $65.52, up 5 cents. This places WTI at $62.213 and Brent at $66.070 per barrel at the time of writing.
Energy analysts predict Brent oil prices could range between $60 and $65 if global inventories rise and diesel profit margins fall. However, investors are keeping a watchful eye on the potential impact of Opec+'s production increases on the stock market.
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