What factors are driving oil prices down?

Major oil brands have dropped in price ahead of today’s meeting of the OPEC + Joint Ministerial Monitoring Committee.

According to Report, Brent prices with delivery in October fell 0.75% to $ 45.12 (0.2% increase at the previous auction) during trading on the London-based ICE Futures Europe exchange.

Meanwhile, WTI September futures dropped 0.58% to $ 42.64 on the New York Mercantile Exchange.

Today, the ministers of the OPEC + member states will discuss the implementation of the deal on output cuts and the reduction of fines in countries violating production quotas for May-July. Experts from the international banking and financial institution ING expect OPEC + members to continue to abide by the existing agreement to curbing production by 7.7 million barrels. However, according to the American Petroleum Institute (API), oil reserves in the United States fell by 4.26 million barrels on August 7-14.

According to S&P Global Platts, experts estimated that US oil reserves decreased by 3.8 million barrels last week, including 2 million barrels of gasoline. The government’s official weekly report will be published tonight.