Oil prices inched higher on Wednesday

International benchmarks for oil prices moved higher on Wednesday (7 September) as market keep close eyes on the up-coming OPEC meeting and weakened US dollar also support higher prices. Despite Iranian President on Tuesday gave a very positive comment that his country would commit in stabilizing the oil market, many analysts consider this as a political statement and more action is required.

WTI closed at $45.50/barrel (+$0.67) October delivery

Brent closed at $47.98/barrel (+$0.72) November delivery