Oil producers fall as commodity price dips ahead of OPEC+ meeting
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The news: Oil producers were among the biggest losers on the ASX in afternoon trade, tracking a further decline in oil prices ahead of a meeting of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday.
The numbers: At 2:28pm AEST, the energy was the worst performing sector as it fell 1.5%. Karoon Energy was the worst performing oil producer across the ASX 200 as it slipped 2.9% to $1.66.
Beach Energy (-2.7%), Santos (-2.2%) and Woodside Energy (-1.9%) also fell.
West Texas Intermediate Crude Oil prices fell 0.6% while Brent Crude dropped 0.8%.
The context: OPEC+ is due to meet on Sunday and they are expected to agree to raise output in November, at a similar rate to the increase agreed for October.
Investors may also be considering the prospect of an end of the war in Gaza, which could diminish potential risks to oil supply from the region.
