Opec+ expected to reconfirm plans to increase monthly output by 400,000 barrels a day at its meeting on Thursd
Oil prices fell on Wednesday as industry data pointed to a big build-up in crude oil and distillate stocks in the US, the world’s largest oil consumer, and as pressure mounted on Opec to increase supply.
“Crude prices are declining after the API [American Petroleum Institute] reported the sixth straight week of crude oil inventory increases and as the Biden administration exhausts every possible plea to Opec+ members before tapping their strategic petroleum reserve,” said Edward Moya, senior analyst at Oanda.
Opec+ meets on Thursday to review its policy and is expected to reconfirm plans for monthly increases. US crude and distillate fuel stocks rose last week while petroleum declined, according to market sources citing American Petroleum Institute figures on Tuesday.
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