Oil prices fall ahead of OPEC supply meeting
1 July 2022 09:37

Oil prices fall ahead of OPEC supply meeting

ANKARA. KAZINFORM Oil prices fell on Thursday ahead of the meeting of the Organization of the Petroleum Exporting Countries (OPEC) in anticipation of the group's supply decision for August, Anadolu Agency reports.

International benchmark Brent crude was trading at $112.23 per barrel at 0655 GMT for a 0.20% decrease after closing the previous session at $112.45 a barrel.

American benchmark West Texas Intermediate (WTI) was at $109.44 per barrel at the same time for a 0.31% fall after the previous session closed at $109.78 a barrel.

Investors are eyeing the OPEC+ group meeting, which will take place later in the day, to determine oil production for the summer months. Oil prices fell in the previous session on fears of a fall in global demand due to global economic worries.

Markets are awaiting a possible supply increase decision from OPEC to alleviate tight supply concerns. Additionally, heightened uneasiness of a recession and slowdown in the global economy continue to pressure oil prices.

Meanwhile, US commercial crude oil inventories decreased by 2.8 million barrels to 415.6 million barrels last week, against the market expectation of a drop of 110,000 barrels, according to the Energy Information Administration (EIA).

Possible supply disruptions caused by sanctions in Russia, hurricanes in the US, and political unrest in Ecuador and Libya are expected to curtail oil price decreases.

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