Decrease in oil costs before OPEC supply conference| MENAFN.COM

Monday, 15 August 2022 04:49 GMT

Decrease in oil costs before OPEC supply conference


(MENAFN) In anticipation of the Organization of the Petroleum Exporting Countries' (OPEC) meeting and its decision on supply for August, oil costs declined on Thursday.

Benchmark Brent oil costs were USD112.23 a barrel at 06:55 GMT, down 0.20 percent from the prior session's ending cost of USD112.45 per barrel.

American benchmark West Texas Intermediate (WTI), which finished the previous session at USD109.78 per barrel, was exchanging at USD109.44 a barrel at the same time, down 0.31 percent.

Investors are waiting for the OPEC+ meeting later today to see how much oil is going to be produced throughout the summer. A drop in demand owing to concerns about the state of the world economy caused oil costs to decline in the prior session.

Markets are anticipating an OPEC decision to potentially raise supplies in order to allay fears over a tight supply. Additionally, rising fear of a recession as well as a downturn in the global economy keep the cost of oil under pressure.

Based on the Energy Information Administration (EIA), in contrast to the market estimate of a reduction of 110,000 barrels, United States commercial crude oil stocks dropped by 2.8 million barrels to 415.6 million barrels’ previous week.

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