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.

29 September, 2022

Read more:

Tencent wants to develop an AI-enabled product like ChatGPT

27 February, 2023

Chinese EV start-up Zeekr achieves higher valuation than Xpeng

13 February, 2023

Dollar rises as economic clouds thicken

20 January, 2023

The yen rises on reports that the Japanese government has decided on a more flexible inflation target

19 December, 2022

Sterling rises amid weakening of the dollar

29 November, 2022

Gold sees weekly decline amid hawkish Fed signals

18 November, 2022

Toncoin Telegram (TON) rose by 17% due to the failure of competitor WhatsApp

26 October, 2022

Bank of America beat forecasts thanks to higher interest rates in higher interest rates than expected in bond trading

17 October, 2022

Sterling rises against the dollar amid lower inflation in the UK

14 September, 2022

Bitcoin fell below $20,000 to its lowest level since mid-July as investors dump risky assets

29 August, 2022

Stocks making the most pre-market moves: Lowe's, Target, TJX and more

17 August, 2022

Yen targets biggest weekly gain in 4 months at peak U.S. rates

29 July, 2022

Stocks with Biggest Premarket Moves: Twitter, Wynn Resorts, Las Vegas Sands and more

11 July, 2022

Gold continues to fall amid strengthening dollar, the focus of the views of central banks

22 June, 2022

European stocks decline as inflation unnerves markets

07 June, 2022

Oil recoups early losses and becomes positive, despite fears of recession

24 May, 2022

Gold falls amid approaching Fed rate decision

04 May, 2022

Arrange a call