WTI consolidates gains above $81 amid bets of OPEC+ output cuts, Saudi price hike

Following the $1.50 bullish opening gap, WTI has entered a phase of upside consolidation just above the $81 mark, as investors digest the reports of sharp output cuts by OPEC and its allies when they meet on October 5.

Further, Reuters reported that Saudi Arabia is considering raising prices for most crude grades it sells to Asia in November, as the world’s top oil exporter expects demand to recover and Chinese refineries to increase output.

According to the median of the responses of five refining sources surveyed by Reuters, “the November official selling prices (OSP) for flagship Arab Light crude may rise by 25 cents a barrel.”

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