Prices: The front-month futures price for Brent crude oil settled at $94.42 per barrel (b) on October 6, an increase of $2.06/b from the September 1 price of $92.36/b. The front-month futures price for West Texas Intermediate (WTI) crude oil for delivery at Cushing, Oklahoma, increased by $1.84/b during the same period,settling at $88.45/b on October 6(Figure 1). These price increases are mostly attributable to expectations around crude oil production cuts by OPEC+ producers, which were announced at 2 million b/d on October 5. From September 30 to October 6, the front-month futures price for Brent crude oil increased by $6.46/b and the front-month futures price for WTI crude oil increased by $8.96/b.
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