Latest international oil price-Oct 10.2022

WTI US crude was last quoted at $91.81 a barrel as of 09:22 am today, on the back of expectations that OPEC+ major producers will slash production. The latest price of Brent crude oil in London was 97.06 dollars per barrel, down from the close on July 7, but still above 90 dollars, indicating that domestic oil prices will rise more than fall in the 20th round.

In response to OPEC+ 's drastic production cuts, the US has decided to release 10 million barrels of oil from the Strategic Petroleum Reserve in November, but this is still a drop in the bucket compared to the 2 million barrels per day reduction in oil prices. In November, the international oil supply and demand relationship will likely show a big change. The market is strongly supported by OPEC+ 's plan to stick to oil production cuts, coupled with increased energy tensions in Europe during the winter and the imminent effect of sanctions on Russian offshore oil exports, which is expected to further tighten the market demand for oil, it does seem difficult for oil prices to reverse the decline at the moment, according to market professionals. International oil prices are likely to rise above $110 a barrel.