WTI Oil Prices Surge Over 1%, Surpassing $84 as OPEC Signals Production Cuts Until Year-End
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In a resolute move towards stabilizing global oil markets, West Texas Intermediate (WTI) crude futures soared by more than 1%, surpassing the $84 mark. This surge comes amidst increasing expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC Plus, are gearing up for significant cuts in oil production until the end of this year.
The West Texas Crude Oil Contract (WTI) for delivery in October, traded on NYMEX, registered an impressive rise of $1.15, equivalent to 1.38% in value, reaching $84.78 per barrel at 10:46 pm Thai time.
Industry analysts have predicted that Saudi Arabia will continue its commendable efforts by extending its voluntary oil production cuts of 1 million barrels per day until the end of October. Furthermore, Russia has also announced an agreement with OPEC Plus on production cuts, with further details set to be unveiled next week.
Aided by the devaluation of the dollar, oil prices have garnered additional support. In conjunction, the prediction that the Federal Reserve (Fed) will halt its interest rate hikes, triggered by the release of today’s non-farm payrolls report, further buoyed the sentiment in oil markets.
The report indicates a rise in unemployment numbers, coupled with lower-than-expected average hourly wages for workers. These factors contribute to a slowdown in inflation, fueling speculations that the Fed may bring an end to the current cycle of interest rate hikes, despite the overall healthy employment figures surpassing expectations.
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WTI Oil Prices Rise 1%, Surpass $84, OPEC Expects to Cut Production Until Year End
InfoQuest – WTI crude futures rose more than 1% to 84, on expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus would reduce oil production until the end of this year
At 10:46 pm Thai time, West Texas Crude Oil Contract (WTI) for delivery in October. Which is trading on NYMEX plus $1.15, or 1.38%, to $84.78/barrel.
Analysts predict that Saudi Arabia will extend its voluntary oil production cuts by 1 million barrels per day until the end of October. While Russia has announced an agreement with OPEC Plus on production cuts. The details will be revealed next week.
In addition, oil prices were supported by the depreciation of the dollar. and the prediction that the Federal Reserve (Fed) will stop raising interest rates. Following the release of the non-farm payrolls report today.
Markets See Unemployment Increases in Nonfarm Payrolls Report Including lower-than-expected average hourly wages for workers. which shows a slowdown in inflation Will be the factor that encourages the Fed to stop raising interest rates in the current cycle. Although the number of employment is higher than expected
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