Oil Prices Fall As Traders Await OPEC+ Meeting| MENAFN.COM

Saturday, 10 December 2022 08:59 GMT

Oil Prices Fall As Traders Await OPEC+ Meeting


(MENAFN- Trend News Agency)

Oil prices declined on Thursday as market participants awaited a key meeting by major oil producers, reports citing .

The West Texas Intermediate (WTI) for November delivery decreased 92 cents, or 1.1 percent, to settle at 81.23 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 83 cents, or 0.9 percent, to settle at 88.49 dollars a barrel on the London ICE Futures Exchange.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, is set to meet next week and discuss future output strategy.

On Wednesday, the WTI and Brent rallied 4.65 percent and 3.54 percent, respectively, supported by easing U.S. dollar and a drop in U.S. fuel inventories.

MENAFN30092022000187011040ID1104949605


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.