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Prices of a barrel of Brent and Texas oil today, October 7: how much does it cost and how much is it quoted?

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The price of oil rose more than 3%, reaching a maximum in the last five weeks. Prices were supported by the decision of the Organization of Petroleum Exporting Countries and allies (OPEC+) to make their biggest supply cut since 2020 in the face of concern about a possible recession and the increase in interest rates by central banks.

On October 5, at its first face-to-face meeting since 2020, OPEC+ agreed reduce its production target by 2 million barrels per day.

Prices of a barrel of Brent and Texas oil today, October 7: how much does it cost and how much is it quoted?

According to the update at 1:35 pm, andhe price of a barrel West Texas Intermediate (WTI) registers a rise of 3.75%, trading at $83.78 (+$4.24). In the meantime, Brent crude rose nearly 3.54% to $89.21 (+$3.34), according to data from BloombergEnergy.

Both benchmarks are on track for their highest closes since Aug. 30., in addition to registering its fifth consecutive daily increase and its second consecutive weekly increase. For the week, Brent rose 10% and WTI 15%, according to Reuters, making them the biggest weekly percentage gains since March.

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According to energy analysts, OPEC’s cut could send oil prices back into triple digits. “A further uptick in trading activity coupled with a tightening of short-term oil fundamentals could well push oil prices back to $100 a barrel,” Stephen Brennock, a senior analyst at PVM Oil Associates in London, said in a research note last week (via CNBC).

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