Crude futures continued their gains, most recently WTI breaking above $96 while Brent crossing $104, boosted by forecasts that Petroleum Exporting Countries (OPEC) and its allies or OPEC Plus may cut oil production to support market prices
As of 11:39 p.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in October. It traded on the NYMEX plus $3.09, or 3.32%, to $96.15/barrel. Brent crude oil prices rose $3.07, or 3.04%, to $104.06/barrel.
Investors are keeping an eye on the OPEC Plus meeting on Sept. 5, with speculations that the meeting may have a resolution to cut oil production.
Earlier, Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC Plus had the determination, flexibility and approach to tackle the challenge. which can reduce oil production at any time and in different ways
In addition, Prince Abdulaziz said: OPEC and its allies will establish a new agreement from 2022 that will be built on experience. and success in the past
Oil prices were also positive from the political unrest in Libya. This may affect the production of oil in the country.
However, oil prices continued to be pressured by the dollar’s appreciation. and progress in negotiating the Iran nuclear deal This could pave the way for Iran to return to world oil exports.