Oil Rises After OPEC+ Adheres to Supply Restrictions

Oil prices rose on Tuesday, October 5, reaching their highest levels in at least three years, extending gains made during the previous session after the world’s major oil producers announced their decision to maintain a curb on crude supplies.

Brent crude rose 23 cents, or 0.3%, to $81.49 a barrel, after rising 2.5% on Monday. US West Texas Intermediate crude rose 12 cents, or 0.2%, to $77.74, after rising 2.3% in the previous session.

Oil prices rose to more than $81 at the settlement yesterday, after the OPEC + decision.

The Organization of the Petroleum Exporting Countries and its allies led by Russia, within the framework of the OPEC + group, said yesterday that they will maintain an agreement to increase oil production only gradually, ignoring calls from the United States and India to raise production as the global economy recovers, albeit intermittently, from the pandemic.