OPEC+ decision sends message to market that group will intervene to bring stability – Reuters

OPEC+ decision to lower the oil output target by 100,000 barrels per day in October sends a message to the market that the group will intervene to bring stability, Reuters reported on Monday, citing a Gulf OPEC source.

"Opec+ members have trusted the chairman - Saudi energy minister - to intervene whenever necessary to stabilize markets," the source told Reuters.

Market reaction

Crude oil prices continue to rise despite the Labor Day holiday in the US. As of writing, the barrel of West Texas Intermediate (WTI) was up 3.5% on a daily basis at $90.10.