Global oil prices declining moderately

Global oil prices on Sept. 2 morning are declining after the OPEC+ meeting held the day before, according to trading data, Report informs referring to Prime agency.

The price of November futures for Brent crude oil fell by 0.28 percent to $71.39 per barrel. October futures for WTI oil fell by 0.41 percent to $68.31 per barrel.

The oil market on Sept. 2 morning shows negative dynamics, while investors assess the results of the OPEC+ meeting. As a result, it was decided to continue the collective increase in the total production level by 400,000 barrels per day every month until the parties to the agreement lift the restrictions of 5.8 million barrels per day.

So, the alliance decided to increase production according to the plan, counting on the fact that the global market will “absorb” additional supply volumes as demand grows and reserves are depleted.

However, while market conditions appeared to be favorable for OPEC+ at this stage, uncertainty remains, analysts from Citigroup Inc. told Bloomberg.