Oil futures edged higher Wednesday, finding support ahead of an OPEC+ committee meeting that’s expected to recommend no changes in output and ahead of the outcome of a Federal Reserve policy meeting.
Price actionMarket drivers An... Oil futures edged higher Wednesday, finding support ahead of an OPEC+ committee meeting that’s expected to recommend no changes in output and ahead of the outcome of a Federal Reserve policy meeting. Price action Market drivers An OPEC+ committee meeting Wednesday in Vienna was expected to recommend leaving the group’s crude output unchanged, The Wall Street Journal reported, citing delegates. Leaving output unchanged would allow the Organization of the Petroleum Exporting Countries and its Russia-led allies to assess how factors ranging from China’s lifting of COVID-19 restrictions to the European Union’s embargo on Russian crude and oil products will affect prices, the report said.
“In other words, oil moving back up towards the high $80 range can’t be ruled out in the very short-term,” he wrote.
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