Oil closes up nearly 2%, Brent exceeds $72

Oil drilling rigs

Oil prices rose today, Oct. 30, after a decline in crude inventories in the US and amid reports indicating the possibility of OPEC+ postponing the decision to increase production scheduled for December.

Brent crude futures for December delivery rose 2%, or $1.43, to $72.55 a barrel, while the more active January contract was at $72.16.

WTI crude futures for December delivery rose 2.10%, or $1.4, to $68.11 a barrel.

The dollar index, which measures its value against a basket of major currencies, fell 0.20% to 104.11 points, easing pressure on commodity prices denominated in the US currency.

Data from the US Energy Information Administration revealed a decrease in crude oil inventories by 500,000 barrels last week, compared to expectations that they would increase by about 800,000 barrels.

The OPEC+ alliance may postpone the increase in oil production, which is scheduled to come into effect in December, for a month or more, amid concerns about weak demand and increased supplies, Reuters reported, citing informed sources.

This comes after oil prices fell by about 6% earlier this week, following an Israeli retaliatory attack on Tehran, which avoided nuclear and oil facilities in Iran.