WTI consolidates ahead of all important OPEC meeting

• WTI is holding in familiar grounds ahead of demand data and OPEC.
• OPEC+ will meet Thursday and decide on whether to add new supply to the market.

Spot WTI is currently flat in Asia at $73.43 and has traded between a low of $73.39 and a high of $73.47 so far as it consolidates within familiar ranges ahead of a key meeting between producing nations this week.

WTI was 0.93% higher overnight on the changeover and had travelled between a low of $72.00 and a high of $73.78 on the day. 

Futures rose in after-market trade after industry figures released late Tuesday showed US crude oil inventories fell last week while fuel stockpiles rose, according to two market sources.

The price of oil on Tuesday was rising despite expectations that OPEC+ would agree to add new supply when it meets later this week and as cases of the Delta Covid-19 variant continues to climb.

OPEC+ is set to meet on Thursday to decide on whether to add new supply to the market in August, with most expecting the group to add at least 0.5-million barrels per day to slake rising demand.

OPEC's demand forecasts show that in the fourth quarter global oil supply will fall short of demand by 2.2 million bpd, giving the producers some room to agree to add output.

Meanwhile, investors will also focus on the US Energy Department oil inventory data on Wednesday.