Oil prices rising ahead of OPEC+ meeting

Global oil prices are rising on Sept. 1 morning in anticipation of the OPEC+ meeting, according to trading data, Report informs referring to Prime agency.

As of 09:17 (GMT+4), the price of November futures for Brent crude oil grew by 0.68 percent - to $72.12 per barrel. October futures for WTI oil rose 0.69 percent to $68.97 per barrel.

Investors are looking forward to the OPEC+ meeting later on Sept. 1. The alliance countries will discuss whether they will maintain the current course of the deal for a gradual increase in oil production by 400,000 barrels per day every month.

OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output but then flip into surplus again in 2022, Bloomberg reported Aug. 31.

In addition, traders are evaluating weekly data from the American Petroleum Institute (API) on US oil inventories, which were released on Sept. 1 night. According to API estimates, stocks fell by 4.05 million barrels. Analysts had expected a decline of only 2.8 million barrels.

The rise in oil prices is partly restrained by news from the US. There, Hurricane Ida, which affected nine refineries in Louisiana, weakened to a tropical depression (an area with low atmospheric pressure in the tropics).