Today, Oil prices edged slightly higher, tracking a pause in the dollar rally in early Asia. The Organization of the Petroleum Exporting Countries (OPEC) stands ready to reduce production to correct the recent oil price fall driven by poor futures market liquidity and macro-economic fears, OPEC’s leader Saudi Arabia reportedly said. WTI crude oil prices are higher by 0.83 per cent at $91.11 per barrel.

The US State Department said a nuclear deal was closer than two weeks ago. Last two weeks, the US State Department said that a nuclear deal was closer now than the previous one. According to the previous session, the US interest rate hikes may lead to global economics.
“The near-term fundamentals seem more to the bears until we see some positive economic indicators either out of the US or China, which is looking unlikely,” said Dennis Kissler, senior vice president of trading at BOK Financial.

In September, the US Federal Reserve raised rates by 50 basis points amid the expected inflation peak and growing recession worries, media reported.
“Investors will be paying close attention to comments by Fed Chair Jerome Powell when he addresses an annual global central banking conference in Jackson Hole, Wyoming, on Friday.”
Also pressuring prices were worries over slowing fuel demand in China, the world’s largest oil importer, partly because of a power crunch in the southwest.
OPEC+ produced 2.892 million barrels per day (BPD) below their targets in July two, as sanctions on some members like Russia and low investment by others stymied its ability to raise output.