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4 Oct 2021

Oil Stocks Fall Just Ahead of OPEC+ Meeting

Oil Stocks Fall Just Ahead of OPEC+ Meeting

The Index Today

Oil stocks fell further on Monday just ahead of the OPEC+ meeting with allies where discussions regarding supply shocks and the effect on oil prices will take place.

Brent crude went down 0.2% to $79.14 per barrel after rising 1.5% in the previous week which was noted as its fourth consecutive gain. On the other hand, U.S oil dropped 0.2% to $75.73 after six weeks of gain.

Supply disruptions and the growing demand have been pushing oil prices up including Brent which reached $80 last week. According to ANZ research, the risk appetite has been boosted by a strong global demand and growing confidence as investors look forward to the OPEC meeting.

Some allies of the OPEC are insisting on increasing supply of oil to help lower the rising price of oil. So far, the organization has agreed to produce a surplus of 400,000 barrels per day until April next year to help overcome 5.8 million barrels per day of cuts.

However, the increase in production of oil can only start after November as the production of October has already been finalized in the previous meeting.