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Oil prices fall as inflationary concerns overshadow anticipated OPEC+ output reductions

Charlie Brooks

Aug 30, 2022 10:49

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Oil prices dropped on Tuesday, a day after reaching their highest level in more than a month during the previous session, as inflation fears trumped the potential of OPEC+ production cuts.


At 00:12 GMT on Tuesday, Brent crude futures fell 39 cents, or 0.3%, to $104.70 a barrel after gaining 4.1% on Monday. Following a 4.2% increase in the prior session, U.S. West Texas Intermediate crude traded at $96.79 per barrel, a decrease of 21 cents or 0.2%.


Inflation is hitting double digits in several of the world's top economies, a level not seen in nearly half a century, and investors are concerned that the United States and Europe may seek more aggressive interest rate hikes.


In the wake of the Ukraine conflict, Russia's oil output has exceeded expectations, the president of the International Energy Agency (IEA) said on Monday, adding to the downward pressure on prices. Moscow, which refers to its actions in Ukraine as a "special operation," will find it increasingly difficult to maintain production as Western sanctions take effect, he warned.


According to the agency's chairman, when the current system ends, IEA member nations may release more oil from their strategic petroleum reserves (SPR) if they think it necessary.


Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEClargest )'s producer, discussed the possibility of production cuts last week, which, according to sources, may coincide with an increase in supply from Iran if Tehran reaches a nuclear agreement with the West.


On September 5, OPEC+, which consists of OPEC, Russia, and partner producers, convenes to determine policy.


Tuesday at 4:30 p.m. EDT (2030 GMT), the American Petroleum Institute, a trade group, is set to provide information regarding U.S. crude inventories. The Energy Information Administration, the statistical arm of the U.S. Department of Energy, will release its own numbers on Wednesday at 10:30 a.m. (1430 GMT).


According to a preliminary Reuters poll conducted on Monday, crude oil stocks in the United States likely declined by 600,000 barrels, while distillates and gasoline inventories are also predicted to have decreased.

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