Oil prices retreated on Wednesday in Asian trades, on the back of the Nigerian announcement about the expectations that OPEC producers would refuse to reduce output in September’s meeting.
By 3:40am GMT, brent crude oil futures were down 0.67% to reach $48.90 per barrel, while US crude oil fell 0.45% to settle at $46.37 pb.
“On oil production cuts by OPEC, optimism on my part is quite sparse but I believe engagement with the 70% oil producers might have impact,” Kachikwu wrote on his official Twitter account on Monday.
The latest announcements had negative impact on global markets that await the OPEC producing countries’ meeting that will be held in September in Algeria, Mohamed Al Harami, technical analyst, said. He added that U.S. oil was not affected by the fall of the weekly inventories.
Crude oil inventories declined by 1 million barrel to 519.8 million barrel during the week ending on 12 August, despite expectations to rise to 522,000 barrel, according to the American Petroleum Institute.