Oil futures rose less than 1% today, Tuesday, ahead of a meeting of the “OPEC +” alliance, this week, that may not lead to an additional increase in crude supplies, amid concern about a possible global recession that may restrict energy demand.
Sharjah 24 – Archyde.com:
Oil futures closed less than 1% higher today, Tuesday, ahead of a meeting of the “OPEC +” alliance, this week, that may not lead to an additional increase in crude supplies, amid concern about a possible global recession that may restrict energy demand.
The international benchmark Brent crude contracts, to the nearest maturity of the trading session, ended up 51 cents, or 0.5%, to record at the settlement of $100.54 a barrel.
US West Texas Intermediate crude contracts closed at $94.42 a barrel, an increase of 53 cents, or 0.6%.
Oil prices also received some support from analysts’ expectations that US crude stocks fell by about 600,000 barrels, last week.
Two of the eight sources in “OPEC +” indicated that a modest increase in production for the month of September will be discussed, while the rest are likely to maintain the current production level.
Three delegates announced that “OPEC +” reduced its forecast for the surplus in the oil market this year, by 200,000 barrels per day to 800,000 barrels per day.