Oil Prices Fall as Traders Await OPEC+ Meeting

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Laila Afifa

30 September 2022 08:39 WIB

TEMPO.CO, New York - Oil prices declined on Thursday, Sept. 29, as market participants awaited a key meeting by major oil producers.

The West Texas Intermediate (WTI) for November delivery decreased 92 cents, or 1.1 percent, to settle at 81.23 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery lost 83 cents, or 0.9 percent, to settle at 88.49 dollars a barrel on the London ICE Futures Exchange.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, is set to meet next week and discuss future output strategy.

On Wednesday, the WTI and Brent rallied 4.65 percent and 3.54 percent, respectively, supported by easing the U.S. dollar and a drop in U.S. fuel inventories. 

Xinhua

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