WTI traders brace for the highly anticipated OPEC outcome

• Oil prices are consolidated ahead of the OPEC+ meeting today.
•  WTI climbed to $72.84 on a big draw on US inventories ahead of the highly anticipated OPEC+ meeting.

Spot was near to $73.51 by the close of play on Wall Street and has firmed here into the Asian session.

The price was flat by the close of play but had travelled between a low of $72.84 and a high of $74.12 on the day. WTI crude for August delivery closed up US$0.49 to US$73.47 per barrel, after earlier touching US$74.14.

However, the price surrendered some early gains after the Energy Information Administration's weekly report failed to confirm an 8.2-million barrel drop in US inventories reported a day earlier.

Inventories at Cushing, Oklahoma, the delivery point for WTI, slid to their lowest since March 2020, EIA data showed.

Looking ahead for the day, OPEC+ will decide as to whether to add new supply to the market in August or not, with most expecting the group to add at least 0.5-million barrels per day to slake rising demand.

The group is expected to discuss extending its deal on cutting oil supply beyond April 2022 and OPEC Secretary-General Mohammad Barkindo said on Tuesday that demand is expected to rise by 6 million barrels per day (bpd) in 2021, with 5 million bpd of that coming in the second half of the year.