Oil Finishes Lower on Mixed News About OPEC+ Deal

Oil prices closed lower on Wednesday after news reports pointed to expectations of an agreement between major producers about output policy in the coming months.

Sources reportedly told Bloomberg that the OPEC+ alliance is planning another meeting soon to close the deal, while other media reports said that an agreement is yet to be reached.

Brent crude futures for September delivery lost $1.73, or 2.3%, to close at $74.76 per barrel.

On the New York Mercantile Exchange (NYMEX), the West Texas Intermediate (WTI) crude futures for August delivery declined by $2.12, or 2.8%, to finish at $73.13 per barrel.

Earlier today, data by the U.S. Energy Information Administration (EIA) showed the eighth consecutive weekly decline in crude oil inventories by 7.9 million barrels.

Meanwhile, gasoline stockpiles rose by a million barrels, signaling a decline in demand for gasoline in the U.S., while distillate inventories added 3.7 million barrels last week.