Oil price stays near $90 as market awaits OPEC members‘ decision

Oil prices stayed close to $90, shaking off speculation that OPEC+ may decide to boost supply in the market, coupled with expectations of a rise in U.S inventories.

According to data from Reuters, as at 01:45am on Wednesday Brent crude the international benchmark for oil price stood at $89.68 while the United States West Texas Intermediate crude was up by 38 cents or 0.4 per cent to sell at $88.58 a barrel.

Read also: Nigeria loses N14.9bn daily as oil price crosses $90 for first time in seven years

Before it spirally came down below $90, Brent hit the highest price of $91.70 a barrel and US crude hitting $88.84 last Friday.

Market observers are expecting that the price of crude will touch $100 per barrel soon.

OPEC+ oil ministers are meeting today to decide whether to increase production or not and whatever decision is made is expected to affect oil prices in the coming days.

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