Oil drops ahead of the OPEC+ meeting and the Fed minutes.
Source Investing.com Oil drops ahead of the OPEC+ meeting and the Fed minutes. Investing.com — Tuesday saw a drop in oil prices as investors exercised prudence ahead of this weekend's much-anticipated summit of major producers. The U.S. crude futures contract fell 1% to $77.04 a barrel by 09:45 ET (13:45 GMT), while the Brent price fell 1% to $81.54 a barrel. Following a 4% spike on Friday, the benchmarks for crude oil saw another 2% increase on Monday. This was due to a report by Reuters that the Organization of the Petroleum Exporting Countries (OPEC+) and their allies will be debating whether to reduce oil supply further in an effort to support prices during their meeting on November 26. OPEC+ summit is imminent. In a series of actions that began in late 2022, Saudi Arabia, Russia, and other OPEC+ members have already committed to cutting oil supply by roughly 5 million barrels per day, or rough