Oil prices steady ahead of OPEC+ meeting

Oil drilling rigs

Oil prices held firm today, Aug. 3, as OPEC+ group's Joint Ministerial Monitoring Committee (JMMC) panel will hold an online meeting on Aug. 4, to assess the market condition and the impact of tightened supplies.

OPEC+ is unlikely to change its current oil output policy when a panel meets, Reuters reported, citing unnamed sources with knowledge of the matter.

Meanwhile, the US crude stocks fell by a record pace of 17 million barrels last week, the Energy Information Administration (EIA) said in a report.

October Brent contract remained unchanged at $83.27 a barrel at 8:10 am Makkah Time.

The US West Texas Intermediate crude (WTI) for September delivery was steady at $79.54 a barrel after dropping over 2% on Wednesday.