Brent crude at $91.57 a barrel. U.S. West Texas Intermediate crude at $86.20 a barrel
Oil inched lower on Wednesday after gains in recent days as OPEC+ producers looked set to agree deep output target cuts later in the day despite a tight market.
“In reality, the real impact of a large cut would be smaller, given that some of the members are failing to reach their output quotas,” Cincotta added. The United States is pressing OPEC+ producers to avoid making deep cuts, a source familiar with the matter told Reuters, as President Joe Biden looks to prevent a rise in U.S. gasoline prices.
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