Oil Prices Rise As OPEC Discusses Production Increase – 27 September, 2018

Oil prices inched up on Friday with Brent crude futures leading the way at a 18 cent and 0.22 percent increase to $81.56, just below the four-year high of $82.55 it had hit on Tuesday. U.S. futures rose 21 cents and 0.29 percent to $72.33 per barrel. OPEC countries have discussed the possibility of increasing production to 500,000 barrels per day, with Saudi Arabia expected to add more to the market to offset the drop in Iranian production. Iran’s 2018 peak in May, the country was exporting roughly 3 percent of daily crude consumption, around 2.72 million barrels per day.