OIL PRICES SEPT 23: WTI Dips, Pressured By Selloff After Gains

On the other hand, the weakness of oil was also affected by the caution ahead of the OPEC meeting next week in Algeria to discuss the possibility of cooperation in terms of production in order to withstand the global supply excess. Based on Bloomberg data, the WTI oil price for the November contract weakened 1.14% or 0.53 points to US$45.79 per barrel at 11.47 WIB, after opened with a weakening of 0.54% at the position of US$46.07. At the same time, the European benchmark Brent oil for the November contract weakened 0.86% or 0.41 points to the level of US$47.24, after opening down 0.48% or 0.23 points at the level of 47.42. According to traders, as reported by Reuters today, the weakness in the price of crude oil was mainly caused by the sell-off following the strong price in the previous two trades. The price weakness may also be influenced by the increase in crude oil stocks, with global production having exceeded the amount of consumption with almost no disruption since mid-2014. "Supply has risen again, and the large number of refining capacity have exited the market, meeting the demand for crude oil," said the commodity broker Marex Spectron. On Thursday (22/9), the price of WTI oil for the November contract closed up 2.16% or 0.98 points to US$46.32, while the European benchmark Brent oil for the November contract ended sharply up 1.75% or 0.82 points to US$47.65 per barrel.