OPEC Set for August 1 Meeting as Brent, WTI Near Six-week Low

The Organisation of Petroleum Exporting Countries and its allies (OPEC+) are set for their August 1 meeting as crude oil prices remained flat in early trade yesterday.

Brent futures were priced at $80.92 a barrel, down 0.26 per cent, whereas the West Texas Intermediate (WTI) was trading 0.34 per cent lower at $76.90 per barrel.

Prices remained close to a six-week low in the early trading hours as the commodity market remains concerned over the dwindling demand from China.

Prices had dropped by around 1.5 per cent during the last trading session at the weekend, bringing oil to nearly a six-week low. The decline was linked to the data released last week which showed oil imports to China dropping by 11 per cent in the first half of 2024.

The data assumed significance as China, being the world’s biggest oil importer, had an impact on the global crude prices through its domestic demand.

In the week ahead, the OPEC+ meeting is expected to influence the crude prices, while a decision to relax or tighten the global output by the cartel would be awaited by the commodity market.

 In its last meeting held in June, the OPEC+ decided to extend its voluntary production cuts till 2025.

Last week, oil prices logged their third weekly loss in a row, mostly on demand concern about China as refinery run data pointed towards weakening demand for oil in the country as did figures showing an annual decline in imports of the commodity.