With the evaluation of the OPEC+ production decision … How did oil prices change?

The price of oil stabilized with traders evaluating the “OPEC+” decision to gradually raise production.

The price of West Texas Intermediate crude increased by 0.6% to approximately $ 62 a barrel, after declining by more than 3% last week. The “OPEC+” alliance decided on Sunday to raise production by 137 thousand barrels per day in October, which is less than the increase that was scheduled in the previous two months, which prompted investors to retract their pessimistic positions. The OPEC+decision was formed unlike the production reduction policy that was from It is scheduled to continue until the end of 2026, after a quick return to the production of oil, which was broken in recent months, in an attempt by the coalition to restore its share in the market. In August, the International Energy Agency expected that the surplus of oil will reach a record level next year, which is expected by the Bank of Goldman Sachs to pay the price of Brent crude to the level of $ 50 a barrel. The Brent crude price price decreased by 11% this year, and the customs tariffs imposed by US President Donald Trump negatively affected the expectations of energy demand.