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% in early trade amid fears that a slowdown in global growth would hit fuel demand.

Brent crude futures were last down 3 cents, at $100.51 a barrel at while 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+, will meet on Wednesday.

Several factors are weighing on the demand outlook, including rising fears of an economic slump in the United States and Europe, debt distress in emerging market economies, and China’s COVID-zero policy curbing activity in the world’s top oil importer, Commonwealth Bank analyst Vivek Dhar said..

Adding to the bearish view on demand, data from the American Petroleum Institute, an industry group, showed U.S. crude stocks rose by about 2.2 million barrels for the week ended July 29, against analysts’ expectations for a decline of around 600,000 barrels.

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