Oil Holds Above 100 Awaiting OPEC Decision

On Tuesday, August 2, at the end of the day, a barrel of Brent fell by 0.44% to $99.71. The price was trading in the range of $98.50 - $102.50 per barrel. Market participants are waiting for the decision of OPEC +. Today, OPEC+ will hold a meeting on quotas for September. At 14:00 Moscow time, the members of the OPEC ministerial committee will meet and, based on an analysis of the oil market, make a recommendation on quotas. At 14:30 Moscow time, a video conference of the heads of alliance delegations will begin, at which oil production quotas may be maintained or slightly increased. In August, the increase was 648 thousand barrels per day. At the same time, many countries remain on schedule to increase production.

On Wednesday, August 3, Brent crude is trading at about $100. Market participants continue to follow the news from Taiwan and are waiting for the decision of OPEC+. There is a possibility of a rebound to the level of 104 in the American session.