Brent, WTI Prices Ease Over Demand Worries

Oil prices fell about 1% in early trade on Wednesday before paring some losses, ahead of a meeting of OPEC+ producers on fears of a slowdown in global growth hitting fuel demand and a firmer dollar.
Brent crude futures were last down 38 cents, or 0.4%, at $100.16 a barrel. West Texas Intermediate crude futures slid 35 cents, or 0.4%, to $94.07 a barrel, Money.usnews.com reported.
The Organization of Petroleum Exporting Countries and allies, including Russia, together known as OPEC+, met on Wednesday. OPEC+ sources told Reuters last week that the group will likely keep output unchanged in September, or raise it slightly.
Analysts are expecting no change due to a weak outlook for demand as recession fears grow, and said top producer Saudi Arabia may be reluctant to beef up output at the expense of OPEC+ partner Russia, hit by sanctions due to the Ukraine conflict.
"This week's main event for oil remains today's OPEC+ decision and that should keep prices somewhat range-bound until OPEC and its partners decide what to do with September's output," Edward Moya, senior market analyst at OANDA, told Reuters.
He said the organization has a strong case to stand by their standard increase of 400,000 barrels a day.