WTI is holding steady ahead of demand data and the OPEC meeting.
On Thursday, OPEC+ will meet to discuss whether or not to add new supply to the market.
WTI spot is currently trading at $73.43 in Asia, having fluctuated between a low of $73.39 and a high of $73.47 so far, as it consolidates within familiar bands ahead of a major meeting between producing nations this week.
On the changeover, WTI was 0.93 percent higher than it had been the previous day, with a low of $72.00 and a high of $73.78.
According to two market sources, futures climbed in after-market activity after industry numbers released late Tuesday indicated US crude oil stocks declined last week but fuel stockpiles surged.
Despite anticipation that OPEC+ will agree to add new supply when it meets later this week, oil prices rose on Tuesday, as cases of the Delta Covid-19 type continue to rise.
On Thursday, OPEC+ will meet to decide whether to add fresh supply to the market in August, with most analysts anticipating the cartel to contribute at least 0.5 million barrels per day to satisfy rising demand.
According to OPEC’s demand predictions, global oil supply will fall short of demand by 2.2 million bpd in the fourth quarter, providing producers some leeway to agree to increase output.
Meanwhile, on Wednesday, investors will be watching the US Energy Department’s oil inventory report.
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