Upcoming OPEC+ Supply Cut Meeting Pushes Oil Higher – 4 October, 2022

Oil prices were slightly higher on Wednesday, extending 3% gains from the previous session ahead of an OPEC+ meeting to discuss output cuts. Brent crude was up 11 cents to $91.91 per barrel, having climbed $2.94 the previous session. U.S. West Texas Intermediate crude futures rose 5 cents to $86.57 per barrel, having gained $2.89 the previous session. The Organization of the Petroleum Exporting Countries and allies led by Russia, together called OPEC+, meeting in Vienna later on Wednesday, are discussing output cuts as big as 2 million barrels per day, which would be the groups biggest production cut since demand halted due to COVID-19 in 2020.