Oil fell amid fears of rising interest rates and ahead of an OPEC+ meeting

Oil prices fell on Wednesday ahead of a meeting of a committee of OPEC+ ministers as the market balanced expectations of supply shortages with fears that higher interest rates would reduce demand for oil.

Brent crude futures fell six cents to $90.86 a barrel by 0345 GMT, while US West Texas Intermediate crude fell five cents to $89.18 a barrel.

Data on Tuesday evening showed US job opportunities increased the most in more than two years, leading to a sharp rise in US bond yields.

In addition to fears that interest rates will remain high for some time, oil has been under pressure due to fears that the strength of the dollar will weaken demand, because it makes crude more expensive for holders of other currencies.

The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries and its allies, is expected to keep production policy unchanged when it meets on Wednesday, after Saudi Arabia and Russia, two members of the group, extended their production cuts until the end of the year.

A survey conducted by Reuters showed that Saudi Arabia is expected to raise the official selling price of Arab Light crude for November to Asia, for the fifth month in a row.

At the same time, an Iraqi oil official told Reuters that talks to resume Iraqi oil exports from a pipeline passing through Turkey are still ongoing, one day after Turkey announced that operations would begin again this week after a nearly six-month hiatus.

Interfax news agency quoted Russian Deputy Prime Minister Alexander Novak as saying that Russia will not set a time frame for the fuel export ban it imposed last month, which will remain in place as long as necessary to stabilize prices and address shortages in the domestic market.

Investors are also closely monitoring supply and demand in the United States. Sector data showed a decline in crude inventories by about 4.2 million barrels in the week ending September 29, according to market sources, citing American Petroleum Institute figures on Tuesday.

US government data on inventories is scheduled to be released on Wednesday. The average forecast of eight analysts polled by Reuters indicates a decline in crude inventories of about 500,000 barrels in the week ending September 29.