Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019.
REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsOct 4 (Reuters) - Oil edged lower on Wednesday ahead of a panel meeting of OPEC+ ministers, as the market weighed expectations of supply tightness against fears that high interest rates could reduce fuel demand.
Brent crude oil futures dipped 6 cents to $90.86 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude (WTI) , fell 5 cents to $89.18 per barrel.
"A resilient labour market is deemed to be providing more room for the Federal Reserve (Fed) to keep rates high for longer," said Yeap Jun Rong, market analyst at IG.
Eight analysts polled by Reuters estimated on average that crude inventories fell by about 500,000 barrels in the week to Sept. 29.
Persons:
Agustin Marcarian, Jun Rong, Brian Martin, Daniel Hynes, Alexander Novak, Laura Sanicola, Muyu Xu, Gerry Doyle, Kim Coghill
Organizations:
REUTERS, Brent, U.S, West Texas, Federal Reserve, IG, of, Petroleum, ANZ, Reuters, Industry, American Petroleum Institute, Thomson
Locations:
Vaca, Patagonian, Neuquen, Argentina, OPEC, Saudi Arabia, Russia, Asia, Turkey, United States, .