Oil accelerated its growth after the OPEC+ meeting

According to trading data, global oil prices increased to almost 2% on Monday afternoon after a meeting of the eight countries of the OPEC+ alliance.

November futures for Brent rose by 1.98% to $66.0 per barrel, while October futures for WTI rose by 1.99% to $63.2. During the day, prices adjusted slightly: Brent dropped to $65.90, WTI – to $62.10 per barrel.

On Sunday, OPEC+ countries (including Russia, Saudi Arabia, the United Arab Emirates, Kazakhstan, Iraq, Kuwait, Oman and Algeria) agreed to increase the maximum permitted production level in October by 137 thousand barrels per day relative to September.

«The market expected a more significant increase in production,» said Fereydun Fesharaki, head of FGE NexantECA. According to him, at the end of this year or the beginning of next year, the quotes may fall below $ 60 per barrel.

Baker Hughes data became an additional factor of pressure on the market: in the week to September 5, the number of active oil rigs in the United States increased by two to 414.