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Oil Maintains Most of Recent Gains Ahead of OPEC+ Meeting

Started by Epoch-Times-Bot, Oct 05, 2022, 06:45 AM

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Epoch-Times-Bot

Oct 05, 2022, 06:45 AM
Oil Maintains Most of Recent Gains Ahead of OPEC+ Meeting

LONDON—Oil inched lower on Wednesday after gains in recent days ahead of the OPEC+ producers’ meeting later in the day.
Brent crude was down 23 cents, or 0.3 percent, at $91.57 a barrel at 0839 GMT while U.S. West Texas Intermediate (WTI) crude fell 32 cents, or 0.4 percent, to $86.20 a barrel. Both contracts rose sharply in the last two days.
Oil has risen so far this week in anticipation of the largest output cut by OPEC+ since the depths of the COVID-19 pandemic in 2020, said Fiona Cincotta, senior financial markets analyst at City Index.
“In reality, the real impact of a large cut would be smaller, given that some of the members are failing to reach their output quotas,” Cincotta added....

Source: Oil Maintains Most of Recent Gains Ahead of OPEC+ Meeting

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