Oil prices dipped on Wednesday ahead of a meeting of OPEC+ producers at which producers are expected to keep output steady with spare capacity limited and against the backdrop of fears that a slowdown in global growth will hit fuel demand.
Brent crude futures were down $1.34, or 1.3%, at $99.20 a barrel at 0815 GMT. West Texas Intermediate crude futures fell $1.28, or 1.4%, to $93.14 a barrel.
OPEC+ sources told Reuters last week that the group would likely keep output unchanged in September, or raise it slightly. "Even if the OPEC+ group did declare a small increase, the gesture would be largely symbolic given that very few members have the capacity to materially increase production," said PVM analyst Stephen Brennock.
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