Oil prices slid about 4% on Wednesday to almost six-month lows, after U.S. data showed crude and gasoline stockpiles unexpectedly surged last week and as OPEC+ said it would raise its oil output target by 100,000 barrels per day. Brent crude futures settled down $3.76, or 3.7%, at $96.78 a barrel.
Oil prices fell about 1% in early trade on Wednesday, reversing gains from the previous session ahead of a meeting OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar. Brent crude futures fell 94 cents, or 0.9%, to $99.60 a barrel at 0020 GMT, wiping out the previous session's gain.
Brazilian President Jair Bolsonaro said on Tuesday that a recent drop in Brent oil prices may lead state-run Petrobras to cut refinery gate fuel prices once again, after the company announced two gasoline price reductions in July. "Yesterday Brent fell below $100 per barrel, a signal that Petrobras can again cut fuel prices.
Brazilian President Jair Bolsonaro said on Tuesday that a recent drop in Brent oil prices may lead state-run Petrobras to cut refinery gate fuel prices once again, after the company announced two gasolice price reductions in July. "Yesterday Brent fell below $100 per barrel, a signal that Petrobras can again cut fuel prices.
* OPEC+ meets on Wednesday to discuss whether to boost output. * POLL-U.S. crude, gasoline stockpiles likely fell last week. * Factories squeezed by higher prices, weak customer demand. * U.S. House of Representatives Speaker Pelosi arrived in Taiwan. * Coming Up: Weekly API oil data at 4:30 p.m. ET/2030 GMT. By Scott DiSavino.
Oil futures edged up less than 1% on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply amid concerns a possible global recession could limit energy demand.
* Prices fell to lowest in more than 2 weeks on Monday. * U.S. targets Chinese, UAE firms in new Iran oil sanctions. By Stephanie Kelly. Oil prices edged lower on Tuesday, extending losses from the previous session, as investors worried about global oil demand following weak manufacturing data in several countries.
The U.S. emergency crude oil stockpile fell by 4.6 million barrels last week to its lowest level since May 1985, according to the Department of Energy on Monday.
U.S. crude inventory in the Strategic Petroleum Reserve fell by 4.6 million barrels in the week to July 29, according to data from the Department of Energy. Stockpiles in the Strategic Petroleum Reserve fell to 469.9 million barrels, according to the data, the lowest since May 1985. All the barrels released into the market in the week were sour crude oil.
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