Oil Edges Up Ahead Of OPEC Meeting Despite Recession Worries  

 

• Oil futures edged up less than 1% on Tuesday, August 2, 2022, ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.
• Brent futures rose 51 cents, or 0.5%, to settle at $100.54 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 53 cents, or 0.6%, to settle at $94.42.
• Also giving oil prices a slight lift were analyst expectations that U.S. crude inventories declined by around 600,000 barrels the previous week.
• The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, previously met and two of eight sources said a modest output hike would be discussed.
• Russia's invasion of Ukraine in February fed worries about global oil supply and sent prices soaring to near record highs. However, with central banks raising interest rates to fight inflation, worries about slowing growth have eclipsed tight supply.

     (Source: Reuters)