Crude Oil Updates

Category:-Metal | 28-Sep-2022 09:08 AM

Oil rose Tuesday from a nine-month low a day earlier, supported by supply curbs in the U.S. Gulf of Mexico ahead of Hurricane Ian and a slight softening in the U.S. dollar.

Analyst expectations that the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, may take action to stem the drop in prices by cutting supply also lent support. OPEC+ meets to set policy on Oct. 5.

Brent crude ended the day at $86.27 per barrel for a gain of 2.6%. On Monday it fell as low as $83.65, the lowest since January. U.S. West Texas Intermediate (WTI) crude ended the day 2.33% higher at $78.50 per barrel.

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