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Oil prices up over supply cut fears ahead of OPEC+ meeting

Oil prices up over supply cut fears ahead of OPEC+ meeting
OPEC+ scheduled to meet on Wednesday to discuss production cuts of over 1 million barrels per day

By Murat Temizer

ANKARA (AA) - Oil prices started the day with a 0.64% increase compared to Monday's closing, ahead of the OPEC+ meeting on Oct. 5, when OPEC+ producers will decide on the extent of their production cuts for November.

International benchmark Brent crude traded at $89.44 per barrel at 10.24 a.m. local time (0724 GMT) for a 0.65% gain from the closing price of $88.86 a barrel in the previous trading session.

American benchmark West Texas Intermediate (WTI), trading at $84.05 per barrel at the same time, increased 0.50% after the previous session closed at $83.63 a barrel.

Investors are awaiting the outcome of the OPEC+ meeting on Wednesday, Oct. 5, when the group will discuss production cuts of over 1 million barrels per day for November.

source: News Feed
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