Oil flat to weaker ahead of OPEC+ meeting
Oil flat to weaker ahead of OPEC+ meeting
Oil prices were flat to weaker on Wednesday ahead of a meeting of OPEC+ producers, stabilising after a drop of 1 per cent in early trade amid fears that a slowdown in global growth would hit fuel demand.
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Brent crude futures were last down 3 cents, or 0.03 per cent, at $100.51 a barrel at 0603 GMT. West Texas Intermediate (WTI) crude futures were flat at $94.42 a barrel.
The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday. OPEC+ sources told Reuters last week that the group would likely keep output unchanged in September, or raise it slightly.
Analysts are expecting no change due to a weak outlook for demand as recession fears grow, and said top producer Saudi Arabia may be reluctant to beef up output at the expense of OPEC+ partner Russia, hit by sanctions due to the Ukraine conflict.
"This week's main event for oil remains today's OPEC+ decision and that should keep prices somewhat rangebound until OPEC and its partners decide what to do with September's output," Edward Moya, senior market analyst at OANDA, told Reuters.
"OPEC+ is not even coming close to hitting their production targets, so oil prices will likely remain supported even if they announce a small output increase for September," he said.
Ahead of the meeting, OPEC+ trimmed its forecast for an oil market surplus this year by 200,000 barrels per day (bpd), to 800,000 bpd, three delegates told Reuters.
Oil prices were flat to weaker on Wednesday ahead of a meeting of OPEC+ producers, stabilising after a drop of 1 per cent in early trade amid fears that a slowdown in global growth would hit fuel demand.
Discover the new game credit free slot of the year, trust us to enjoy the best online casinos.
Brent crude futures were last down 3 cents, or 0.03 per cent, at $100.51 a barrel at 0603 GMT. West Texas Intermediate (WTI) crude futures were flat at $94.42 a barrel.
The Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday. OPEC+ sources told Reuters last week that the group would likely keep output unchanged in September, or raise it slightly.
Analysts are expecting no change due to a weak outlook for demand as recession fears grow, and said top producer Saudi Arabia may be reluctant to beef up output at the expense of OPEC+ partner Russia, hit by sanctions due to the Ukraine conflict.
"This week's main event for oil remains today's OPEC+ decision and that should keep prices somewhat rangebound until OPEC and its partners decide what to do with September's output," Edward Moya, senior market analyst at OANDA, told Reuters.
"OPEC+ is not even coming close to hitting their production targets, so oil prices will likely remain supported even if they announce a small output increase for September," he said.
Ahead of the meeting, OPEC+ trimmed its forecast for an oil market surplus this year by 200,000 barrels per day (bpd), to 800,000 bpd, three delegates told Reuters.
