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Oil Fluctuates Ahead of OPEC+ Meeting

The price of oil has been fluctuating around $94 per barrel ahead of the next OPEC+ meeting in the coming days. This comes after oil closed at its lowest price in over five months.

After slipping by 5% on Monday due to concerns of a global economic slowdown, West Texas Intermediate gained 0.5%. At the same time, equity markets declined as a result of the aforementioned recession concerns and tension between China and Taiwan.

The Organization of Petroleum Exporting Countries and its allies are scheduled to gather in order to discuss an output policy for September. While physical markets have eased over the past few weeks as the European Union lifted sanctions on Russian energy exports, surging demand has wiped out all gains since the start of Russia’s invasion of Ukraine.

US President Joe Biden urged OPEC member Saudi Arabia to pump more oil as a means of boosting supplies. While the OPEC alliance has agreed to return supplies that were taken offline following the pandemic outbreak, some of its members have so far been unable to meet their higher quotas.

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