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

Wednesday, 01 February 2023 12:14 GMT

Oil Prices Fall As Traders Eye OPEC+ Meeting


(MENAFN- Trend News Agency)

Oil prices dropped on Friday ahead of a key meeting by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, trend reports citing xinhua .

The West Texas Intermediate (WTI) for January delivery lost 1.24 U.S. dollars, or 1.5 percent, to settle at 79.98 dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery decreased 1.31 dollars, or 1.5 percent, to close at 85.57 dollars a barrel on the London ICE Futures Exchange.

OPEC+ will meet on Sunday. In October, the oil alliance agreed to reduce its output target by 2 million barrels per day from November to shore up prices.

Experts said the group is likely to leave its output unchanged at the upcoming meeting.

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