Oil prices dip ahead of OPEC+ meeting | Reuters

Oil prices dip ahead of OPEC+ meeting | Reuters

Oil prices dipped on Wednesday ahead of a meeting of OPEC+ producers at which producers are expected to keep output steady with spare capacity limited and against the backdrop of fears that a slowdown in global growth will hit fuel demand.

Brent crude futures were down $1.34, or 1.3%, at $99.20 a barrel at 0815 GMT. West Texas Intermediate (WTI) crude futures fell $1.28, or 1.4%, to $93.14 a barrel.

The premium for front-month Brent futures over barrels loading in six months' time is at a three-month low, indicating worries about current tight supply are abating.

Ministers for members of the Organization of the Petroleum Exporting Countries and allies including Russia, together known as OPEC+, meet on Wednesday from 1130 GMT.

OPEC+ sources told Reuters last week that the group would likely keep output unchanged in September, or raise it slightly.