NextGen Day

Oil prices dropped on Monday due to uncertainty ahead of an anticipated meeting between the US Federal Reserve and key oil-producing nations of the OPEC+ group (Fed).

At 09:56 local time (06:56 GMT), the price of international benchmark Brent crude was USD85.93 per barrel, down 0.54 percent from the previous trading session’s closing price of USD86.40 per barrel.

At the same time, the American benchmark West Texas Intermediate (WTI) was down 0.61 percent from the previous session’s closing price of USD79.68 per barrel, trading at USD79.19 per barrel.

The Organization of Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, will meet on Wednesday for the first time since agreeing on October 5 to reduce output by 2 million barrels per day (bpd) as of November 2022. OPEC+ is made up of 23 members.

The group’s production policy is not anticipated to alter, but the uncertainty reinforced the downward pressure on oil prices.

Additionally, the market became even hazier due to impending rate hike announcements by the Fed and numerous EU banks.

While the Fed is anticipated to decrease the rate of rate increases on Wednesday, the Bank of England and the European Central Bank are anticipated to each increase rates by 50 basis points.

The Chinese financial markets are being watched by investors as trade resumes after the week-long Lunar New Year holidays.

After officials, relaxed Covid-19 (coronavirus disease 2019) regulations, vacation travel within China increased 74% from the previous year, according to state media sources.

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