Crude oil prices rise modestly following reports that OPEC+ has decided to reduce production by 2M bbl/day, the group’s biggest cut since 2020.

November Nymex crude (CL1:COM+1% at $87.40/bbl; November Brent crude (CO1:COM+1.1% at $92.81/bbl.

Stock futures add to earlier pre-market losses: Dow Jones -1.1%, S&P -1.2%, Nasdaq -1.3%

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Reuters also reported that “OPEC+ agreed the biggest cut to oil production since the 2020 Covid pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more.”

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