Oil prices were stable in trading on Wednesday before the meeting of the OPEC+ Ministerial Monitoring Committee (JMMC).
The price of December futures for Brent on the London ICE Futures exchange at 8:10 a.m. on Wednesday is $90.88 per barrel, which is $0.04 (0.04%) lower than at the close of the previous session. On Tuesday, the price of these contracts increased by $0.21 (0.2%) to $90.92 per barrel.
November futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) fell by $0.02 (0.02%) to $89.21 per barrel by this time. As a result of previous trading, the value of these contracts increased by $0.41 (0.5%) to $89.23 per barrel.
The JMMC meeting, which will assess the situation on the global oil market, will be held online on Wednesday.
Traders’ attention is also focused on the weekly report of the US Department of Energy on energy reserves in the country, which will be released at 17:30 pm.
Experts surveyed by S&P Global Commodity Insights, on average, predict a 1.4 million barrel decline in US oil inventories last week. They also expect distillate stocks to fall by 1.6 million barrels, while gasoline stocks will remain unchanged.
Estimates by the American Petroleum Institute (API), released on Tuesday night, showed a 4.21 million barrel decline in US oil inventories in the week ended September 29.
