US President Joe Biden’s administration has urged Opec+ to boost output to tackle rising petrol prices
London — Oil prices rose on Wednesday before an Opec+ meeting in which the producer club is expected to stick to a plan to add 400,000 barrels per day each month to the end of December.
Brent crude for November delivery gained 36 cents, or 0.5%, to touch $71.99 a barrel by 8.50am GMT. US West Texas Intermediate crude for October was at $68.81 a barrel, up 31c, or 0.5%. “One foregone conclusion is that they will not add additional barrels as per Washington's recent request. Nor will they press the pause button on easing supply curbs,” said Stephen Brennock of oil broker PVM.Also supporting prices, a US industry report showed crude inventories fell more than expected last week, steadying after overnight losses caused by Hurricane Ida on US refineries.
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