Crude prices marginally down ahead of OPEC+ summit; Nigerian...| MENAFN.COM

Friday, 09 December 2022 07:54 GMT

Crude prices marginally down ahead of OPEC+ summit; Nigerian oil wells are on fire


(MENAFN) Following a session in which oil costs rose by more than 3 percent, they marginally decreased on Wednesday ahead of a meeting of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, to discuss a significant reduction in crude supply.

The major driver of the somewhat lower pricing, according to traders, was a stronger dollar, which decreased demand from customers using foreign currencies. At 0427 GMT, Brent crude was down 22 cents, or 0.2 percent, at USD91.58 per barrel after rising USD2.94 the day before.

After rising USD2.89 in the previous session, United States West Texas Intermediate oil futures dropped 29 cents, or 0.3 percent, to USD86.23 a barrel. Moreover, according to an OPEC source who spoke to Reuters, OPEC+ is likely to discuss supply reductions of up to 2 million barrels per day.

According to a person familiar with the situation, the United States is pressuring OPEC+ producers not to go with severe cutbacks as President Joe Biden attempts to stop a spike in United States gasoline costs.

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