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Samson » August 3rd, 2022

A drop in oil prices before the OPEC + meeting

3rd August, 2022

Oil prices fell about one percent in early trading, on Wednesday, before paring some of the losses that preceded the meeting of OPEC + producers, amid fears of slowing global growth that affects fuel demand and the rise of the dollar.

Brent crude futures were down 38 cents, or 0.4 percent, at $100.16 a barrel at 03:45 GMT. West Texas Intermediate (WTI) crude futures were down 35 cents, or 0.4%, at $94.07 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, meet on Wednesday. OPEC+ sources said the group was likely to keep production unchanged in September or raise it slightly.

Analysts expect no change due to the weak outlook for demand as recession fears grow, and they said “largest producer” Saudi Arabia may be reluctant to increase production at the expense of OPEC+ partner Russia, which has been hit by sanctions over the conflict in Ukraine.

Several factors are affecting the demand outlook, including mounting fears of economic recession in the United States and Europe, debt distress in emerging market economies, and China’s COVID-zero policy that limits activity in the world’s largest oil importer.

A stronger dollar, buoyed by comments from US Federal Reserve officials who hinted at an increase in interest rates to cool inflation, also affected oil prices as a firmer US dollar makes oil more expensive for holders of other currencies.  LINK

Source: Dinar Recaps

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