WASHINGTON (dpa-AFX) - Oil prices were subdued on Wednesday after Russia resumed gas supplies to Italy via Austria, bringing some temporary relief to gas prices in Europe.
The downside remained capped ahead of a key meeting of the Organization of Petroleum Exporting Countries and its allies later today, with OPEC+ expected to deliver a substantial slash in crude output to support prices after a drastic fall since the middle of the year.
Benchmark Brent crude futures slipped 0.1 percent to $91.72 a barrel, while WTI crude futures were down 0.3 percent at $86.24.
Russia will resume gas deliveries to Italy following the resolution of a dispute over transit flows with Austrian regulators, Russian energy giant Gazprom said in a statement today.
'Transportation of Russian gas through the territory of Austria is resuming,' Gazprom said, adding that a 'solution' was found with Italian buyers following regulatory changes in Austria.
The oil group, known as OPEC+, meets later today amid expectations of a large cut in crude output.
Media reports suggest that oil output may be slashed by more than 1 million barrels a day, the biggest since the start of the pandemic.
Meanwhile, after industry body American Petroleum Institute (API) reported a surprise draw this week for crude oil of 1.770 million barrels, traders now await data from the U.S. Energy Information Administration (EIA) for further direction.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
