InstaForex

September 1, 2021

This is the Oil Price Movement Ahead of the OPEC Meeting

 Crude oil trading was stable as the September market session opened, with investors now awaiting the OPEC+ meeting which will discuss production today.


US WTI traded higher at $ 69 a barrel, while Brent crude traded higher around $ 72.10 a barrel as the market headed into the opening of the European session.


The Organization of the Petroleum Exporting Countries (OPEC) and its ally, Russia or known as OPEC+ are expected to ratify plans to increase production by 400,000 barrels a day in October.



Meanwhile, a report on Tuesday from the American Petroleum Institute (API) showed a more -than -expected decline in U.S. crude oil inventories with a decline of 4 million barrels last week.


After witnessing this encouraging reading, investors are now expecting official data to be released by the US Energy Information Administration (EIA) will also show a reduction in US crude oil supplies.


Meanwhile, 94% of oil and natural gas production in the Gulf of Mexico is still on hold after Hurricane Ida hit over the weekend.