Brent price went up to $72.1 per barrel

On Wednesday, oil quotes are growing after a decline the day before, traders are waiting for the next meeting of the OPEC + agreement participants, Interfax reports.

By 8:08 am Kyiv time, Brent October futures rose in price on the London ICE Futures exchange by $0.47 (0.66%), to $72.1 per barrel. On Tuesday, Brent fell in price by $0.6 (0.83%) to $71.63 per barrel.

By this time, WTI October futures were rising in price in electronic trading on the New York Mercantile Exchange (NYMEX) by $0.48 (0.7%), to $68.98 per barrel. During the previous session, the contract fell by $0.71 (1%) to $68.50 per barrel.

At the end of July, the OPEC+ ministers decided to increase production from August by 400 thousand bpd each month, but at the same time hold consultations on a monthly basis to assess the market and the feasibility of an increase. The decision to increase production could be revised as early as September 1, Kuwait Oil Minister Mohammad Abdullatif al-Fares said Sunday.

At 6:00 pm Kyiv time, a meeting of the OPEC+ monitoring committee will take place, followed by an OPEC+ ministerial meeting.

Traders are also awaiting a weekly report from the US Department of Energy on the country's commercial reserves of oil, gasoline and distillates.

Data from the American Petroleum Institute (API), released earlier, indicated that the country's oil reserves in the week ended August 27 fell by 4 million barrels. API receives information from operators of refineries, storage tanks and pipelines on a voluntary basis.

Tags: USA, energy market, oil production, OPEC+, negotiations, petroleum products, Brent, WTI, oil reserves, economy

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