Oil prices rise ahead of OPEC+ meet

Oil rigs

Oil prices edged up on Wednesday ahead of OPEC+ meeting on supply policy, and before the release of data on US crude oil inventories.

The international benchmark Brent crude was trading up 0.8% at $72.22 per barrel, at 9.10 am Makkah time.

WTI crude rose 0.9% to $69.11 per barrel.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) are due to meet today, Sept. 1, to decide whether to maintain their plan to add 400,000 barrels per day (bpd) each month through December.

Meanwhile, a total of 2.3 million bpd of refining capacity, or 13% of US capacity, was shut in Louisiana due to Hurricane Ida, Reuters reported, citing US Department of Energy estimates.

Separately, American Petroleum Institute data showed that US crude stocks fell by 4 million barrels for the week ended Aug. 27.

Official US Energy Information Administration inventory data is due later today.