Oil prices fall in anticipation of OPEC+ meeting

Global oil prices fell on September 30 afternoon, while investors in the market prefer to move away from risk in anticipation of the next meeting of OPEC+, according to trading data, Report informs referring to Prime agency.

The price of December futures for Brent crude oil fell by 0.65% to $77.58 per barrel, November futures dropped by 0.58% to $78.18 per barrel. November futures for WTI crude oil fell 0.74% to $74.8 per barrel.

Oil prices have been declining for the third trading session in a row. It began after the release of data on the reserves of crude in the US. Over the past week the index unexpectedly rose by 4.6 million barrels to 418.5 million barrels. In this regard, the meeting of the OPEC+ alliance, scheduled for October 4, acquires additional importance.

Oanda analyst Jeffrey Halley, whose opinion is quoted by the Wall Street Journal, believes that OPEC+ is unlikely to change the parameters for increasing oil production, and this will support prices.

In addition, since the beginning of the week, the US dollar has strengthened against the euro by almost 1%, having reached the highest level since last autumn, as well as the US dollar index (the dollar exchange rate against a basket of currencies of six countries - the main trading partners of the US). The strengthening US dollar makes oil more expensive and unaffordable in terms of other currencies.