Oil prices soar on expectations of OPEC+ output cut


NEW YORK, Oct. 3 (Xinhua) -- Oil prices surged on Monday as traders bet on a production cut from major oil producers.

The West Texas Intermediate (WTI) for November delivery increased 4.14 U.S. dollars, or 5.2 percent, to settle at 83.63 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 3.72 dollars, or 4.4 percent, to settle at 88.86 dollars a barrel on the London ICE Futures Exchange.

The above market reactions came after reports that the Organization of Petroleum Exporting Countries and its allies, collectively known as OPEC+, will consider an output cut of more than 1 million barrels a day, when the oil alliance meets on Wednesday.

In early September, OPEC+ announced a production cut of 100,000 barrels per day for October to bolster prices.

Oil prices have been under considerable pressure recently amid fears that aggressive policy tightening by major central banks to tame inflation would induce a recession and hurt demand for energy.

In September, the WTI and Brent lost 11 percent and 8.8 percent, respectively, according to Dow Jones Market Data.

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