Oil prices barely moved on Wednesday on expectations major producers will maintain production cuts at a meeting this Sunday at the same time fuel consumption should begin rising with the start of the peak summer demand season.
Brent crude futures for July delivery were unchanged at $84.22 U.S. a barrel. U.S. West Texas Intermediate futures for July acquired one cent to $79.84.
Traders and analysts expect the Organization of the Petroleum Exporting Countries and its allies including Russia (OPEC+), to keep voluntary production cuts totaling about 2.2 million barrels per day in place.
The Memorial Day holiday on Monday signaled the start of the peak demand season in the U.S., the world’s biggest oil consumer, and keeping the production cuts in place should keep prices supported as consumption rises.
Investors were also watching out for U.S. crude inventory data from the American Petroleum Institute for release later in the day. The data was delayed by a day by the Memorial Day holiday on Monday.
