Oil is growing up to $ 90, since OPEC+ considers the possibility of reducing production

Oil prices strengthened on Thursday, reversing previous losses, on signs that OPEC+ may cut production, although a strengthening dollar and weak economic forecasts restrained growth.
Brent crude futures rose 52 cents, or 0.6%, at $89.84 a barrel, while U.S. crude futures rose 52 cents, or 0.6%, to $82.67.
Leading members of OPEC+ began discussing the reduction of oil production at the upcoming meeting on October 5, two sources from the group of producers told Reuters.
One source in the Organization of the Petroleum Exporting Countries (OPEC) said the cuts were likely to happen, but did not specify the volumes.
This week, Reuters reported that Russia is likely to propose to OPEC+ to reduce oil production by about 1 million barrels per day (bpd).
Hurricane Yang also supported prices. According to the Bureau of Safety and Environmental Protection, as of Wednesday, about 157,706 barrels of oil per day had been stopped in the Gulf of Mexico.
Both oil benchmarks rebounded in the previous two sessions from nine-month lows at the start of the week, helped by a temporary drop in the dollar index and a larger-than-expected drawdown in U.S. fuel inventories.
However, the dollar index rose again on Thursday, weakening investors' appetite for risk and fueling fears of a recession, causing both crude oil contracts to decline at the beginning of the session.
The Bank of England said it intends to buy as many long-term government bonds as needed between Wednesday and Oct. 14 to stabilize its currency after the British government's budget plans announced last week sent the pound sterling down.
On Tuesday, Goldman Sachs lowered its oil price forecast for 2023, citing expectations of weakening demand and a stronger U.S. dollar, but said disappointment in global supply had reinforced its long-term bullish outlook.
In China, the world's largest importer of crude oil, the number of trips during the upcoming week-long national holiday will reach its lowest level in years as Beijing's COVID rules keep people at home and economic hardship restrains spending.
Citi economists lowered their forecast for China's fourth-quarter GDP to 4.6% year-on-year growth from the 5 previously expected.
"Tough measures to combat COVID and a weak real estate sector continue to cloud growth prospects," Citi analysts wrote on Wednesday.
Read more:
Circle Intervenes in SEC Case against Binance, Defends Stablecoins’ Regulatory Status
Web3 Startup IYK Raised $16.8M in Recent Funding Round Led by A16z
Bybit to Suspend UK Operations in Response to FCA’s New Rules
Celsius Former Chief Revenue Officer Pleads Guilty to Criminal Charges, Awaits Sentencing
US Judge Dismisses Class Action Suit against Uniswap
Binance Phasing Out Support for BUSD Stablecoin by Q1 2024
Why the latest job-market data is a worst-case scenario for stock bulls
Coinbase Blasts SEC for No Clear Answers Even after Court Order
Terra Co-founder Do Kwon Points Finger at Chinese Agency in Fake Passport Scandal
BlockFi Initiates Legal Action against State Commission for Not Accepting Its Surrendered License
Shares of fintech company Wise fall after announcement of CFO resignation and CEO going on vacation
British lawmakers call for treating cryptocurrency trading as gambling
Jamie Dimon warns that panic will engulf the markets as the U.S. approaches debt default
Gold holds above $2,000 as Fed rate decision nears
Standard Chartered analyst predicts the value of bitcoin will reach $100,000 by 2024
The stocks making the biggest moves in the pre-market: Micron, Pioneer Natural Resources, Tesla and more
Fed's Key Inflation Measure Rises 0.3% In February, Less Than Expected