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Oil prices fall below $100 a barrel ahead of OPEC+ meeting

NUPRC says exporters must secure identification number to track crude oil, petroleum products NUPRC says exporters must secure identification number to track crude oil, petroleum products

Oil prices fell on Tuesday ahead of the meeting of the Organisation of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+. 

At 9.00 GMT+1, Brent crude plunged 0.37 percent to $99.66 a barrel, while West Texas Intermediate (WTI) crude fell 0.01 percent to $93.88 a barrel.

The OPEC+ meeting, scheduled to hold on Wednesday, will decide the volume of oil output for September. 

“Crude prices tumbled after a wealth of factory activity data suggested the world is headed towards a giant global economic contraction, and on expectations for more oil output following a very good earnings season for oil companies,” Edward Moya, a senior market analyst from OANDA, told Reuters in a note.

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Analysts at Haitong Futures said: “The upward momentum of oil prices has been gradually fading … Once the supply and demand situation shows any sign of further deterioration, oil is likely to lead the decline among commodities.”

In a Reuters survey, two of eight OPEC+ sources said there would be a modest increase for September — others said output is likely to remain unchanged. 

The organisation had approved the plans to add 648,000 barrels of oil per day for August.

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