Crude prices rise over 2% after OPEC+ decision
Oil futures prices continued to rise on Wednesday, increasing over 2% following the OPEC+ decision to cut production by 2 million barrels per day (bpd).
The organization cut its production of oil, ignoring the United States Joe Biden's pleas, and "in light of the uncertainty that surrounds the global economy and oil market outlooks, and the need to enhance the long-term guidance for the oil market."
West Texas Intermediate (WTI) for deliveries in November went up by 2.16% at 11:55 am ET to sell for $88.39 per barrel. A minute later, Brent for inventories in December increased by 2.34% to go for $93.86 per barrel.