Oil prices fall in anticipation of OPEC meeting

Oil prices fall in anticipation of OPEC meeting

The FTSE 100 market pushed up in to the green today, climbing 0.35pc as new data from the Office of National Statistics informed investors of stagnant UK inflation (2.4pc) in May.

Pound Sterling continued to trade down against both the Euro and the Dollar by 0.3pc and 0.4pc respectively.

Focus is currently on the US Federal Reserve as investors await an expected decision to lift its target range for the short-term benchmark interest rate by 25 basis points.

Oil prices have fallen after data showed rising production and higher US stocks ahead of next week’s meeting of the oil exporters’ organisation, at which it could agree to raise output.

Brent Crude is down 0.6pc at $75.38 a barrel, and West Texas Intermediate is down 0.7pc at $65.90 a barrel.

Profits at Swiss-based commodities trader Trafigura have dropped more than 50pc in the first half of its financial year owing to major shifts in the oil market. Its metals and minerals arm weathered better, recording a rise in gross profits to $680m.

 

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