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Oil prices fall as investors take profits ahead of the OPEC + meeting
Shafaq News/ Oil prices fell today, Thursday, as investors reaped the latest recovery with major producers meeting later in the day to pave the way for expected increases in production.
Brent crude fell $2.09, or 1.80 percent, to $114.20 a barrel at 04:43 GMT, after rising 0.6 percent the previous day.
US West Texas Intermediate crude fell $2.26, or 1.96 percent, to $113.00 a barrel, after rising 0.5 percent on Wednesday.
Benchmarks have been climbing higher for several weeks as European Union and United States sanctions against Moscow over its invasion of Ukraine squeeze Russian exports, and China's gradual exit from strict COVID-19 lockdowns further supports prices.
However, the rise of the US dollar led to a decline in oil prices on Thursday as it makes crude oil more expensive for those holding other currencies.
On Wednesday, five OPEC+ sources said that OPEC+ was ready to stick to its modest monthly increases in oil production, despite tightening global markets.
Two sources from OPEC + said that an OPEC + technical committee cut its forecast for the oil market surplus in 2022 by 500,000 barrels per day to 1.4 million barrels per day.
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Brent crude fell $2.09, or 1.80 percent, to $114.20 a barrel at 04:43 GMT, after rising 0.6 percent the previous day.
US West Texas Intermediate crude fell $2.26, or 1.96 percent, to $113.00 a barrel, after rising 0.5 percent on Wednesday.
Benchmarks have been climbing higher for several weeks as European Union and United States sanctions against Moscow over its invasion of Ukraine squeeze Russian exports, and China's gradual exit from strict COVID-19 lockdowns further supports prices.
However, the rise of the US dollar led to a decline in oil prices on Thursday as it makes crude oil more expensive for those holding other currencies.
On Wednesday, five OPEC+ sources said that OPEC+ was ready to stick to its modest monthly increases in oil production, despite tightening global markets.
Two sources from OPEC + said that an OPEC + technical committee cut its forecast for the oil market surplus in 2022 by 500,000 barrels per day to 1.4 million barrels per day.
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