Postponed OPEC+ meeting triggers oil price drop

An increase in US crude inventories and a postponed OPEC+ meeting make oil prices go down.

Photo: Dado Ruvic/REUTERS / X02714

Oil prices continue to drop Wednesday following an unexpected increase in US crude stockpiles and a postponed meeting of Organization of Oil Exporting Countries and its OPEC+ allies, reports Reuters.

A barrel of European reference oil Brent trades for USD 47.06 Wednesday morning, down from USD 47.16 Tuesday. US benchmark crude West Texas Intermediate sells concurrently for USD 44.15 against USD 44.30.

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