Oil Prices Slide As OPEC Opens The Valves

Oil prices took another dive on Thursday, with the price of WTI falling more than 6% by late morning as OPEC’s production increased in September over August. Spot prices for WTI had fallen by 6.04% to $37.79 by 11:28 a.m. EDT, while Brent had dropped 5.22% to $40.09. The catalyst for this morning’s price drop is OPEC+’s September seaborne exports, which jumped to 22.84 million barrels per day from the 22.11 that the cartel exported by sea in August. For OPEC specifically, its exports rose from 17.53 million bpd in August to 18.2…