Oil prices rose in early trading today, Thursday, October 6, 2022, after the ''OPEC+'' group agreed on further production cuts to reduce oil production by about two million barrels per day.

Brent crude futures fell 46 cents or 0.5 percent to $93.83 a barrel. West Texas Intermediate crude futures also dropped 45 cents or 0.5 percent to $88.21 a barrel.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and their partners within the "OPEC+" alliance agreed yesterday, Wednesday, on a significant cut in production quotas, which angered the United States, affirming that the decision will harm countries already suffering from high crude prices.

The organization, which includes 13 countries and its ten allies led by Russia, reported that during their meeting in Vienna they agreed on a production cut of two million barrels per day starting November, which is the largest cut since the peak of the COVID pandemic in 2020.