Oil Prices Fall After Stock Build

Oil prices fell around 1 percent on Wednesday as investors awaited the outcome of an OPEC+ meeting against the backdrop of slowing global growth.

Brent crude futures for October delivery fell a little over 1 percent to $99.52 a barrel, while WTI crude futures for September settlement were down 0.9 percent at $93.61.

The meeting of the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, will take place later today amid expectations that oil producing countries will keep output level unchanged.

OPEC leaders Saudi Arabia and United Arab Emirates are facing increased pressure to pump more oil to help rein in prices.

Ahead of the meeting, OPEC+ trimmed its forecast for an oil market surplus this year by 200,000 barrels per day (bpd) to 800,000 bpd, three delegates reportedly told Reuters.

Meanwhile, data from the American Petroleum Institute showed that U.S. crude stocks rose by about 2.2 million barrels for the week ended July 29, against analysts' expectations for a decline of around 600,000 barrels.

Traders await inventory data from the U.S. Energy Information Administration for further direction.

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