Prices for “black gold” began to fall ahead of the meeting of the OPEC+ ministerial monitoring committee.
World oil prices dropped significantly ahead of the OPEC+ Ministerial Monitoring Committee (JMMC) meeting and exceeded the psychological level of $90 per barrel. This was confirmed by trading data on Wednesday, October 4.
Thus, Brent oil futures for December fell by $1.70 (1.87%) to $89.22 per barrel on the London ICE Futures exchange.
In turn, November futures for WTI fell on the New York Mercantile Exchange NYMEX by $1.79 (2.01%) to $87.44 a barrel.
The JMMC meeting, whose participants will review the situation in the global oil market, will be held online on Wednesday.
Traders’ attention was also directed to the weekly report from the US Department of Energy on the country’s energy reserves. Experts surveyed by S&P Global Commodity Insights on average forecast a drop in oil inventories last week of 1.4 million barrels. They also expect distillate reserves to fall by 1.6 million barrels, while gasoline reserves are unchanged.
Estimates from the American Petroleum Institute (API), published on Wednesday evening, showed a reduction in US oil inventories in the week ending September 29 by 4.21 million barrels.
Earlier in September, Brent and WTI added about 4% amid fears of a drop in oil supply due to the continuation of voluntary production curbs by Saudi Arabia and Russia until the end of this year.
Therefore, the International Energy Agency (IEA) predicts a deficit in the oil market in the fourth quarter of this year.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.