Oil prices fluctuate slightly ahead of OPEC+ meeting

MOSCOW, 5 Oct – PRIME. World oil prices fluctuate slightly on Wednesday afternoon, according to trading data. Traders are cautiously awaiting the OPEC+ meeting, as well as macro statistics on stocks in the US.

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OPEC+ to study fears of a global recession

As of 13.18 Moscow time, the price of December futures for Brent crude fell by 0.36% to $91.47 per barrel, November futures for WTI fell by 0.47% to $86.11.

Oil traders are waiting for the OPEC+ meeting to be held later Wednesday in Vienna. Markets expect the alliance to decide to cut production to support oil prices.

“The OPEC+ production cut could shift the market’s attention to supply shortages away from worries about weak demand, which would put a floor on the price of around $90 a barrel for Brent crude,” UniCredit analysts quoted MarketWatch as saying.

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Later on Wednesday, data on weekly oil inventories in the US will become known. Analysts believe that in the week to September 30, commercial oil reserves in the country rose by 2 million barrels.