Oil Slides Ahead of Key OPEC Meeting

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https://www.wsj.com/business/energy-oil/oil-edges-lower-weighed-by-strong-u-s-dollar-2e6b53e3

Updated Oct. 4, 2023 3:26 am ET

0722 GMT – Oil prices slide ahead of a key OPEC meeting later. Brent crude is down 0.6% to $90.32 a barrel while WTI is 0.7% lower at $88.61 a barrel. The OPEC Joint Ministerial Monitoring Committee is due to meet for its regular market monitoring meeting. Standard Chartered says it is unlikely producers at the meeting will be less cautious around production due to uncertainties around the global economy and central-bank policy. “In particular, we think it is too early for the market to start to factor in any reduction in Saudi Arabia’s voluntary output cuts,” the bank says in a note. The recent slide from $97 a barrel for Brent should demonstrate that the current price situation remains fragile, Standard Chartered says. (yusuf.khan@wsj.com)

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