Oil Markets Are Ignoring Imminent Production Cuts By 3 OPEC+ Members

Oil prices edged higher in Wednesday's intraday session, with Brent crude for November delivery up 2.12% to trade at $70.66/barrel at 14:46 hrs ET while WTI crude for October delivery gained 2.39% to change hands at $67.32/barrel.  The reversal in the oil price selloff came amid more shutdowns by oil and gas operators in the Gulf of Mexico with hurricane Francine expected to make landfall Wednesday afternoon or evening along the Louisiana coastline. According to the Bureau of Safety and Environmental Enforcement (BSEE), energy companies have…