WTI oil closed 53 cents higher – Investors look ahead to OPEC+ meeting

Crude oil futures closed higher on Tuesday (August 2) as investors watch today’s OPEC and OPEC+ meeting. Also, the weekly U.S. crude oil inventory report will be released today.

  • WTI crude futures were up 53 cents, or 0.6%, at $94.42 a barrel.
  • BRENT crude futures were up 51 cents, or 0.5%, at $100.54 a barrel.

The crude oil contract recovered ahead of the outcome of the OPEC+ meeting today (August 3). The meeting is to discuss the production policy for September. In August, production was increased by 648,000 barrels per day.

Investors do not expect OPEC+ to increase production significantly, fearing that the global economy could slide into recession and hurt oil demand.

Analysts said that while crude oil futures closed in positive territory, investors remained concerned about the slowdown in manufacturing in the U.S., the eurozone and China. In the eurozone, all readings were below 50, indicating a slowdown in manufacturing. The U.S. manufacturing index fell to its lowest level in two years in July.

In addition, the trading atmosphere in the oil market was also affected by concerns about tensions between the United States and China. Nancy Pelosi, Speaker of the U.S. House of Representatives, will visit Taiwan causing discontent with China.

Investors are awaiting a report from the U.S. Energy Information Administration (EIA) on crude oil inventories today.

The Spot Market is Open

Wednesday, August 3, 2022

Energy
Updated at
USD
Price

Chnage

%Change
Crude Oil
11.00

94.08

-0.34

-0.36%

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