On Friday, October 7, 2022, oil prices rose to their highest in nearly a month after a week of consecutive increases. The declines in voluntary Opep+ production offset the gloomy macroeconomic outlook.

A barrel of Brent from the North Sea for delivery in December took 0.44% to 94.84 dollars around 09:40 GMT (11:40 CET). In November, the US West Texas Intermediate (WTI) barrel for delivery gained 0.47% to 88.87 dollars.

Since mid-September, Brent has reached $95 and WTI $89.37, highs earlier in the session. According to ANZ analysts, the Organization of Petroleum Exporting Countries (Opep+) decided on Wednesday, October 5, 2022, to drastically cut its quotas, which could “be a turning point for the market.”