Oil edges up OPEC+ meeting eyed, global demand concerns weigh | Reuters
Oil edged up on Tuesday ahead of a meeting of OPEC+ producers this week that may not lead to a further boost in crude supply, although concern about a possible global recession limited gains.
The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, meets on Wednesday. Two of eight sources said a modest hike would be discussed, while the rest said a boost was unlikely. read more
Brent crude was up 31 cents, or 0.3%, to $100.34 a barrel by 1156 GMT, while U.S. West Texas Intermediate crude added 40cents, or 0.4%, to $94.29.
"There's a lot more uncertainty this time around," said Craig Erlam of brokerage OANDA of the OPEC+ meeting. "The decision this week will tell us just how unified the group still is."
Oil soared earlier in 2022, with Brent in March coming close to its all time high of $147 a barrel after Russia's invasion of Ukraine added to supply concerns. Concerns about slowing growth have since eclipsed tight supply.
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