Caixin
Sep 02, 2022 03:30 PM
ECONOMY

Oil Rebounds After Three-Day Fall as Traders Focus on OPEC, Iran

Storage tanks at BP’s Cherry Point Refinery in the U.S. on Nov. 19. Photo: Bloomberg
Storage tanks at BP’s Cherry Point Refinery in the U.S. on Nov. 19. Photo: Bloomberg

(Bloomberg) — Oil pared a steep weekly drop ahead of an OPEC+ meeting on supply at which Saudi Arabia could push for output cuts, and as efforts to revive an Iranian nuclear accord suffered a setback.

West Texas Intermediate rebounded toward $88 a barrel, after slumping almost 11% over the prior three days. Crude has come under pressure this week as tighter monetary policy and renewed anti-virus lockdowns in China spurred concern that consumption will weaken. The dollar’s jump to an all-time high has also weighed on prices in the run-up to Monday’s OPEC+ gathering.

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