Tomorrow, the participants of the OPEC+ deal will hold a meeting where a decision on the oil production volume will be taken. Crude prices are sinking. The Brent Crude Benchmark has lost around 2% today, falling to $73.30 per barrel. Sell-offs were triggered by the news that Iran does not mind a small increase in the oil production of oil exporters. Earlier, Iran alongside Iraq, and Venezuela opposed the offer of Russia and Saudi Arabia to return to the former quotes on crude output. However, Tehran has said today that it is ready to discuss a slight advance in production. This dampened hopes of market participants that the OPEC+ participants will stick to measures on curbing oil supply on the market.
That is why crude prices are declining. Trading sentiment towards WTI is also pessimistic, though its downside is capped. The Texas Light Sweet is trading near $64.60 per barrel. The report from the Energy Information Administration backed the WTI Crude Oil. The revealed data showed a decrease of 5 million 914 thousand barrels in the US Crude Stockpiles over the week. The result beat market expectations. Tomorrow, Baker Hughes will deliver statistics on the drilling activity in the United States. However, all eyes are on the OPEC summit results that will shape further movements of crude prices.