Oil Prices Drop Below $100 for the Second Time Since July Ahead of OPEC+ Meeting

Oil prices fell on Wednesday with Brent crude falling below $100 for the second time since 25 July ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC+) members, when producers are anticipated to maintain output while limiting spare capacity, and amid concerns that a slowdown in global growth could reduce fuel consumption.

Currently, Brent crude is down $0.68, or 0.68 percent at $99.86 a barrel after briefly going as low as $99.20. The US West Texas Intermediate (WTI) crude lost $1.28, or 1.40 percent, to sit at $93.14 per barrel after markets resumed trade in red on Wednesday.

International media outlets reported earlier today that the Ministers for members of the OPEC+ and its allies including Russia, will meet today at 1130 GMT (4:30 PM Pakistan time). The members are expected to keep the production level unchanged for September as well or increase it if the situation demands it.

Other reports suggest Saudi Arabia may be hesitant to increase supply at the expense of OPEC+ member Russia, which has been sanctioned as a result of its war on Ukraine.

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