WTI crude falls more than 1.5% ahead of US inventories data

Oil drilling rigs

Oil prices declined on Wednesday ahead of a report on crude oil stocks in the United States, and ahead of the OPEC+ meeting.

The international benchmark Brent crude was trading down 1.2% at $83.70 per barrel, at 9.00 am Makkah time.

WTI crude fell 1.6% to $82.56 per barrel.

“Crude oil lower as pressure mounted on OPEC to boost output. US President Biden led calls from major economies for the group to increase production beyond what has already been agreed,” Reuters reported, citing a note from ANZ.

US crude inventories rose by 3.6 million barrels for the week ended Oct. 29, according to American Petroleum Institute data.

The US Energy Information Administration (EIA) will release its report on oil inventories later today.

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is scheduled to meet on Nov. 4 to review the group’s production policy.