Crude oil will be available in early October before before the OPEC meeting

© Reuters.

(Updates at closing prices)

By Peter Nurse – Oil prices have risen ahead of next week’s meeting, despite growing speculation that higher oil producers could impose more sanctions than previously agreed.

The New York Stock Exchange, traded in New York, paid the first trading session in October at 85 cents or 1.1% per barrel at $ 75.88. For the week, WTI increased by 2.6% for the 6th consecutive week.

London’s crude oil, world oil, ended Thursday’s session at $ 97.28 per barrel. Brent is up 1.9% for the week. World Wide Ratio has increased by five% in the last six weeks, compared to WTI.

The Organization of Petroleum Exporting Countries (OPEC) and its partners will meet on Monday. According to Reuters, the group is working with an existing agreement to add 400,000 barrels a day to the monthly pressure from consumers such as the United States and India to help reduce prices.

Given the current situation, we believe it is safe to assume that at least 400Mbbls / d is guaranteed for November. The biggest distrust is whether the group is willing to take more force, ”said ING analysts.

The boldness has yielded strong gains this year – both contracts have reached more than 50% today – and more profits can be made, especially after state-owned companies have ordered fuel costs to be maintained for winter energy supplies. Includes fuel oil and diesel.

“There is a clear incentive for a gas-oil converter, as it sells oil at a cost of about $ 177 / bb,” he said. This indicates that we need to see strong oil demand in the coming months, which means that the expected oil market will be tight by the end of the year.

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