Calm trend in oil

Oil is holding steady ahead of the OPEC+ review of global crude markets and the weekly update on U.S. inventories. U.S. crude was trading near $89 a barrel after the U.S. benchmark fluctuated above $2.50 a barrel on Tuesday before closing slightly higher. The OPEC+ Joint Ministerial Monitoring Committee meets later on Wednesday but delegates do not expect the body to recommend any changes to policy as Saudi Arabia and Russia lead production cuts. Meanwhile, in the U.S., the government is set to release crude inventory figures amid rapidly depleting crude inventories, including at the Cushing storage hub. Estimates from the industry-funded American Petroleum Institute on Tuesday showed a modest increase at the Oklahoma field last week but a draw nationwide, according to people familiar with the figures. Oil has risen since mid-June as OPEC+ supply cuts tightened the market, dwindling inventories and widely watched timeframes suggested increased competition for urgent barrels. The rally, which has reignited talk that prices could reach $100 a barrel, has faced resistance in recent sessions as investors worry the Fed may not be done with a rate hike. The rise in the dollar has also made commodities more expensive for most buyers. A possible change to Russia’s ban on diesel shipments was also in focus. Moscow is discussing changes to the restriction on overseas supply that would allow only companies that produce the fuel to export, but keep the restriction in place for non-producers, people with knowledge of the matter said.