Brent crude is trading above $82 per barrel

On Wednesday, oil quotations are growing moderately, the price of Brent remains above $82 per barrel and is near the maximum since October 2018, Interfax reports.

The market is supported by reports that Saudi Arabia has lowered its November oil export prices (OSP) for Asia, the Mediterranean countries, Europe and the United States, Trading Economics writes.

By 8:10 am Kyiv time, December Brent futures rose in price at the London ICE Futures exchange by $0.11 (0.13%) to $82.67 per barrel. On Tuesday, Brent price went up by $1.3 (1.6%), to $82.56 per barrel, and during the session, the price of the contract reached a three-year high at $83.13.

By this time, WTI November futures were rising in price at the New York Mercantile Exchange (NYMEX) by $0.1 (0.13%) to $79.03 per barrel. During the previous session, the contract rose by $1.31 (1.7%) to $78.93 per barrel.

A positive factor for the oil market in recent days was the decision of the OPEC+ states to maintain the previously adopted plan to increase oil production, despite the growth in demand amid a sharp rise in the cost of natural gas.

In accordance with this plan, OPEC+ countries will increase oil production in November by 400 thousand barrels per day (bpd).

Meanwhile, data from the American Petroleum Institute (API) indicated an increase in US oil inventories by 951 thousand barrels for the week ended October 1.

Tags: oil, USA, oil production, OPEC+, price, agreement, volumes, petroleum products, Saudi Arabia, oil reserves, oil market

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