. Oil price rises as focus on possible supply cuts

Oil price rises as focus on possible supply cuts

27 Sep 2022

The brent crude oil price rose 1.11% to 83.85 per barrel on Tuesday 27 September

Brent crude oil dropped 7.1%, while WTI slumped 8.1% under the pressure of a surging dollar so the greenback makes crude oil more expensive for buyers using other currencies and a rising interest rate will trigger a recession that will reduce fuel demand.

On Monday Iraqi Oil Minster Ihsan Abdul Jabbar said that OPEC and its allies including Russia known as OPEC+ were monitoring and investigating the oil price situation, wanting to maintain the balance in the oil market

Seven club finance ministers will discuss the UDS president’s administration asked for a price cap on Russia at Friday’s meeting.

November Brent Crude futures settlement rose 1.39% to $85.23 per barrel by 06:44 GMT. U.S West Texas Intermediate (WTI) crude futures in November rose $1.13 to $77.84 per barrel.

On Tuesday oil prices increase by more than 1% because of supply cuts, after tumbling to nine months lows a day earlier, the producer alliance OPEC+ might enact output cuts to avoid a further faint in prices

Russia is considering raising taxes on the oil and natural gas sector by around $50 billion in 2023-2025 in order to plug the budget gap, the finance minister refused to comment