Oil prices continued to rise throughout the day on Monday, Oct. 3, and are now trading at $82.96 a barrel for 4.5%:WTI and $88.74 for Brent.

Earlier, OPEC+ was brewing an epidemic to reduce production on the largest scale.

The OPEC+, made up of oil-producing countries, will consider cutting production by more than 1 million barrels a day when it meets in Vienna on Wednesday, according to media reports yesterday. Delegates said no final decision on the scale of production cuts would be made before ministers met, but that the reduction would be the biggest since the outbreak.

The media said that the plan to cut production by more than 1 million barrels a day has the support of Russia. But OPEC representatives said Saudi Arabia had reservations about the scale of the cuts.

Fears of a global economic slowdown weighed on the outlook for energy demand, with crude oil prices falling on Friday for the first time in more than two years.

Investment banks, including JPMorgan Chase & Co, recently said OPEC+ may need to reduce production by at least 500000 barrels a day to stabilize oil prices. Royal Bank of Canada said that OPEC+ may choose to reduce production by twice as much.As a result, the final cuts are likely to be bigger.

Other media pointed out that the final decision to cut production will be a heated debate, and other options under consideration include a reduction of 500000 barrels per day or as much as 1.5 million barrels per day.

But a sharp cut in production is likely to attract criticism from the US and other major oil consumers, which have been grappling with an economic slowdown and energy-induced inflation.

Last month, OPEC+ representatives said the organization would cut production by 100000 barrels a day from October, bringing supply back to August levels. This will overturn OPEC+ 's previously announced plan to increase production in September, bringing Biden's Middle East crude oil diplomacy to zero.

This is the first time in more than a year that OPEC+ has announced that it will begin to cut production, after OPEC+ maintained an increase in production for 18 months as demand recovered after the outbreak.

According to media reports, DBS Bank Energy analyst Suvro Sarkar said:

It is only a matter of time before oil prices return to $100 a barrel, especially as supply tightens towards the end of the year.

Us stock futures were generally lower. As of press time, Nasdaq futures fell 0.73%, S & P 500 index futures fell 0.29%, and Dow futures fell 0.03%.

In terms of European stocks, European stock indexes opened lower one after another, with Germany's DAX index falling more than 1 per cent, the UK's FTSE 100th index falling nearly 1 per cent and France's CAC 40 index falling 1 per cent.

In terms of individual stocks, Credit Suisse fell more than 7% before the US market opened. Earlier, there were market rumors that a large investment bank was on the verge of bankruptcy. Some overseas media speculated that one of them might be Credit Suisse. In an effort to reassure investors, Credit Suisse executives reiterated its solid liquidity and capital position to big clients, counterparties and investors on Sunday.