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Crude edged higher in anticipation of OPEC+ decisions

Oil ended Tuesday’s trading with small gains as investors braced for the upcoming OPEC+ meeting which is not expected to result in any major production increase.

Specifically, the September crude contract gained 53 cents, or 0.6%, to settle at $94.42 a barrel on the New York Mercantile Exchange. The contract plunged nearly 5% on Monday.

October Brent, meanwhile, was up 51 cents, or 0.5%, at $100.54 a barrel on ICE Futures.

OPEC and its allies (OPEC+) meet tomorrow on September production levels. With incoming data showing a slowdown in growth in Europe and the US, the Agency is not expected to approve its production increase despite calls from US President Joe Biden.

OPEC+ sees slightly smaller oil surplus in 2022

Source: Capital

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