Oil prices decline ahead of US inventory data
Economies.com
2022-06-29 06:26AM UTC
Oil prices declined on Wednesday ahead of US inventory data and the OPEC + meeting.
OPEC and other independent producers are convening to discuss developments in the global oil market, expected to maintain current goals of hiking output by 648 thousand bpd in July and August.
Initial US data showed a drop of 3.8 million barrels in US crude stocks last week.
Official data will be released today from the US governments on crude stocks.
US crude futures due in August fell 0.3% to $111.4 a barrel as of 6:10 GMT.
Brent August futures declined 0.5% to $117.4 a barrel.
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