Oil prices slump ahead of OPEC meeting

• Brent oil futures were recently down 1.88 % at $114.82 a barrel

Oil prices dipped ahead of the Organization of Petroleum Exporting Countries meeting on Thursday.

Oil prices decreased during the early Asian trading session. Brent oil futures were recently down 1.88 % at $114.82 a barrel on the international market. Crude futures in the United States fell 1.7 % to $113.23 a barrel.

Meanwhile, several members of the OPEC+ energy alliance are considering suspending Russia from an oil output agreement, WSJ reported.

OPEC members are allegedly concerned about Russia's capacity to pump additional petroleum to calm skyrocketing prices due to increasing economic pressure.

Earlier on Monday, the EU's 27-nation union agreed on a partial ban on Russian oil imports due to Moscow’s invasion of Ukraine.

Picture Credits: Reuters 

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