Oil declines as OPEC+ decision on production takes center stage

Oil declines as OPEC+ decision on production takes center stage

Oil slipped before an OPEC+ meeting as traders wait to see whether the group will heed a US call to boost supply. West Texas Intermediate fell below $94 a barrel in early Asian trading after ending marginally higher on Tuesday. The Organization of Petroleum Exporting Countries and its allies convene virtually later Wednesday, and a Bloomberg survey of traders and analysts suggested the alliance led by Saudi Arabia was more likely to keep output steady in September than agree on an increase. Investors were also tracking the fallout from a visit by House Speaker Nancy Pelosi to Taiwan. Oil sank to the lowest close in more than five months earlier this week, giving up the bulk of the gains seen since the Russia-Ukraine crisis. That drop has been driven by signs tight physical markets are easing and as investors fret about an economic slowdown. On Tuesday, speakers from the Federal Reserve signalled the bank would go on tightening monetary policy to quell inflation. US President Joe Biden visited Saudi Arabia last month in an effort to convince OPEC+ to produce more crude after gasoline prices spiked to a record. Ahead of this week’s meeting, an administration official talked up the