WTI climbs to multi-week highs near $87 on OPEC headlines

Eren Sengezer FXStreet

Crude oil prices surged higher during the American trading hours on Tuesday and the barrel of West Texas Intermediate (WTI) reached its highest level since mid-September near $87. As of writing, WTI was trading at $86.50, where it was up 3.8% on a daily basis.

Reports suggesting that OPEC+ could lower the oil production by as much as 2 million barrels per day seem to have provided a boost to oil in the second half of the day on Tuesday. The group is scheduled to meet on Wednesday, October 5.

Later in the session, the American Petroleum Institute will release the crude oil inventory data for the week sending September 30.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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